The United States patent regime is a quintessential notice system. Implicit in its design is the concept that one attempting to license a patent can identify those who hold the requisite rights and the territory that the patent holders claim as their own. As the system has evolved, however, it...

This paper considers a simple hidden action agency problem where the principal has hidden information concerning the agent's utility of cash flow or cash flow, the agent's effort productivity, or the agent's cost of effort. The question is whether the principal should precommit to disclosing...