The Economics of Contracts

Theories and Applications

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Hardcover | 4 March 2003

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604 Pages

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A contract is an agreement under which two parties make reciprocal commitments in terms of their behavior to coordinate. As this concept has become essential to economics in the last 30 years, three main theoretical frameworks have emerged: 'incentive theory', 'incomplete-contract theory' and 'transaction-costs theory'. These frameworks have enabled scholars to renew both the microeconomics of coordination (with implications for industrial organization, labor economics, law and economics, organization design) and the macroeconomics of 'market' (decentralized) economies and of the institutional framework. These developments have resulted in new analyses of a firm's strategy and State intervention (regulation of public utilities, anti-trust, public procurement, institutional design, liberalization policies, etc.). Based on contributions by the leading scholars in the field, this book provides an overview of the past and recent developments in these analytical currents, presents their various aspects, and proposes expanding horizons for theoreticians and practitioners.

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Non-Fiction Economics Microeconomics Law Business & Management

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Published: 21st January 2003

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Introduction: 1 Economics of contracts and renewal of economic analysis
Appendix: canonical models of three different theories of contract
Contracts, Organizations and Institutions
The new institutional economics
Contract and economic organization
The role of incomplete contracts in self-enforcing relationships
Entrepreneurship, transaction costs and the design of contracts
Law and Economics
The contract as economic exchange
Contract theory and theories of contract regulation
Economic reasoning and the framing of contract law
A transactions costs approach to the analysis of property rights
Theoretical Developments: Where Do We Stand?
Transaction costs in incentive theory
Norms and the theory of the firm
Liquidity constraint and the allocation of control rights
Complexity and contract
Authority, as flexibility, is the core of labour contracts
Positive agency theory: positioning and contribution
Testing Contract Theories
Econometrics of contracts: an assessment of developments in the empirical literature on contracting
Experiments on moral hazard and incentives: reciprocity and surplus sharing
Applied Issues: Contributions to Industrial Organization
Residual claimancy rights and ongoing rents as incentive mechanisms in franchise contracts: complements or substitutes?
The quasi judicial role of large retailers
Interconnection agreements: strategic behaviour and property rights
Licensing in the chemical industry
Policy Issues: Anti-trust and Regulation of Public Utilities
Inter-industry agreements and European community competition law
Incentive contracts in utility regulation
Contractual choice and performance: the case of water supply in France
Institutional or structural reform: sequencing strategies for reforming the electricity industry
Electricity sector restructuring and competition
Table of Contents provided by Publisher. All Rights Reserved.

The Economics of Contracts

Theories and Applications

At a Glance

Hardcover

Shipping

How to return your order

Defective items

You Can Find This Book In

Other Editions and Formats

Paperback

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