We relate the design of contract law to the process of development. In this paper, contract law defines which private … levels of effort and trading among agents. The solution to this problem requires a social contract which meets two conditions …: (i) an economywide delegate (judge) responsible for the enforcement of the social contract and (ii) a set of non …

In this study we examine the effect of incentive contract framing on agent effort in an incomplete contract setting … contracts relative to bonus contracts. However, in an incomplete contract setting, in which the incentive contract does not … incentive contract, such that bonus contracts elicit greater effort on these tasks as compared to penalty contracts. We develop …