Contract Theory (PagePerfect NOOK Book) [NOOK Book]

Overview

Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many ...
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Contract Theory (PagePerfect NOOK Book)

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Overview

Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.
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Product Details

  • ISBN-13: 9780262257961
  • Publisher: MIT Press
  • Publication date: 12/10/2004
  • Sold by: Barnes & Noble
  • Format: eBook
  • Pages: 744
  • File size: 3 MB

Meet the Author

Patrick Bolton is John H. Scully Professor of Finance at Princeton University and managing editor of The Journal of the European Economic Association.

Mathias Dewatripont is Professor at the Université Libre de Bruxelles, a Research Fellow at its European Centre for Adanced Research in Economics and Statistics (ECARES) and Research Director of the London-based Centre for Economic Policy Research (CEPR).

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Table of Contents

1 Introduction 1
Pt. I Static bilateral contracting 45
2 Hidden information, screening 47
3 Hidden information, signaling 99
4 Hidden action, moral hazard 129
5 Disclosure of private certifiable information 171
6 Multidimensional incentive problems 199
Pt. II Static multilateral contracting 237
7 Multilateral asymmetric information : bilateral trading and auctions 239
8 Multiagent moral hazard and collusion 297
Pt. III Repeated bilateral contracting 365
9 Dynamic adverse selection 367
10 Dynamic moral hazard 419
Pt. IV Incomplete contracts 487
11 Incomplete contracts and institution design 489
12 Foundations of contracting with unverifiable information 553
13 Markets and contracts 601
14 Exercises 647
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