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Author | : Philippe Aghion |
Publisher | : Oxford University Press |
Total Pages | : 224 |
Release | : 2015-12-22 |
Genre | : Business & Economics |
ISBN | : 0190259019 |
Download The Impact of Incomplete Contracts on Economics Book in PDF, ePub and Kindle
The 1986 article by Sanford J. Grossman and Oliver D. Hart titled "A Theory of Vertical and Lateral Integration" has provided a framework for understanding how firm boundaries are defined and how they affect economic performance. The property rights approach has provided a formal way to introduce incomplete contracting ideas into economic modeling. The Impact of Incomplete Contracts on Economics collects papers and opinion pieces on the impact that this property right approach to the firm has had on the economics profession.
Author | : Oliver D. Hart |
Publisher | : |
Total Pages | : 76 |
Release | : 1985 |
Genre | : Contracts |
ISBN | : |
Download Incomplete Contracts and Renegotiation Book in PDF, ePub and Kindle
Author | : Birger Wernerfelt |
Publisher | : |
Total Pages | : 25 |
Release | : 2004 |
Genre | : |
ISBN | : |
Download Incomplete Contracts and Renegotiation Book in PDF, ePub and Kindle
The parties to a contract typically make a lot of decisions during the time it is in force, and the paper is based on the premise that it takes time to be involved in any one of these decisions. Attempts to economize on decision-making time then imply that the parties may write a contract in which each cedes some decision rights to the other. The cost of the arrangement is that the information and preferences of the uninvolved party are neglected. We find that decisions are more likely to be left out of contracts if only one player attaches significant weight to them and simultaneously is well informed. While the direct effect of this may be small, it is dramatically amplified if the decision-maker can be disciplined by the threat of renegotiation. We identify a set of conditions under which the possibility of renegotiation allows the parties to leave all non-price decisions out of the contract. By thus arguing that the threat of renegotiation allows contractual incompleteness, the paper reverses the direction of causality stressed by the literature.
Author | : Georg Nöldeke |
Publisher | : |
Total Pages | : 16 |
Release | : 1992 |
Genre | : Contracts |
ISBN | : |
Download Unverifiable Information, Incomplete Contracts, and Renegotiation Book in PDF, ePub and Kindle
Author | : John Eatwell |
Publisher | : Springer |
Total Pages | : 321 |
Release | : 1989-09-21 |
Genre | : Business & Economics |
ISBN | : 1349202150 |
Download Allocation, Information and Markets Book in PDF, ePub and Kindle
This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This volume concentrates on the topic of allocation information and markets.
Author | : Antonio Estache |
Publisher | : World Bank Publications |
Total Pages | : 36 |
Release | : 2001 |
Genre | : Concessions |
ISBN | : |
Download Concession Contract Renegotiations Book in PDF, ePub and Kindle
If having firm-driven renegotiations of contracts for infrastructure services is a major concern, efficiency should not be the only consideration in selecting an operator, indeed, consumers may want to award the concession to a less efficient firm if that would reduce the probability of renegotiation.
Author | : Christoph Lülfesmann |
Publisher | : |
Total Pages | : 161 |
Release | : 1996 |
Genre | : |
ISBN | : |
Download Incomplete Contracts and Renegotiation in Long-term Trade Relationships Book in PDF, ePub and Kindle
Author | : Oliver D. Hart |
Publisher | : |
Total Pages | : 64 |
Release | : 1998 |
Genre | : Contracts |
ISBN | : |
Download Foundations of Incomplete Contracts Book in PDF, ePub and Kindle
In the last few years a new area has emerged in economic theory, which goes under the heading of However, almost since its inception, the theory has been under attack for its lack of rigorous foundations. In this paper, we evaluate some of the criticisms that have been made of the theory, in particular, those in Maskin and Tirole (1998a). In doing so, we develop a model that provides a rigorous foundation for the idea that contracts are incomplete.
Author | : |
Publisher | : |
Total Pages | : 312 |
Release | : 2001 |
Genre | : |
ISBN | : |
Download Contract Renegotiation Under Asymetric Information; on the Foundations of Incomplete Contracts Book in PDF, ePub and Kindle
Author | : Oliver Hart |
Publisher | : Clarendon Press |
Total Pages | : 244 |
Release | : 1995-10-05 |
Genre | : Business & Economics |
ISBN | : 0191521728 |
Download Firms, Contracts, and Financial Structure Book in PDF, ePub and Kindle
This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other hand why firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In the remainder of the book, incomplete contacting ideas are applied to understand firms' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; optimal bankruptcy procedure; and the allocation of voting rights across a company's shares. The book is written in a fairly non-technical style and includes many examples. It is aimed at advanced undergraduate and graduate students, academic and business economists, and lawyers as well as those with an interest in corporate finance, privatization and regulation, and transitional issues in Eastern Europe, the former Soviet Union, and China. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.