The Economics of Contracts: Theories and Applications

by Eric Brousseau, Jean-Michel Glachant

Overview

This is a comprehensive and up-to-date synthesis of the economic analysis of contracts written by a specially commissioned team of leading international scholars. The book offers a well structured analysis of theoretical developments, the diverse fields of applications, the methodologies in use, and the policy implications at both firm and state level. It offers a unique combination of theoretical and applied economics along with insights from law and management sciences. The volume is designed to appeal to scholars, graduate students and practitioners in economics, management and law.

Product Details

ISBN-13:	9780521814904
Publisher:	Cambridge University Press
Publication date:	10/17/2002
Pages:	604
Product dimensions:	5.98(w) x 9.02(h) x 1.50(d)
Lexile:	1590L (what's this?)

About the Author

Eric Brousseau is Professor of Economics at the University of Paris X.

Jean-Michel Glachant is Head of the Department of Economics at the University of Paris XI.

Table of Contents

Part I. Introduction: 1 Economics of contracts and renewal of economic analysis Eric Brousseau and Jean -Michel Glachant; Appendix: canonical models of three different theories of contract M'hand Fares; Part II. Contracts, Organizations and Institutions: 2. The new institutional economics Ronald Coase; 3. Contract and economic organization Oliver Williamson; 4. The role of incomplete contracts in self-enforcing relationships Benjamin Klein; 5. Entrepreneurship, transaction costs and the design of contracts Erik G. Furubotn; Part III. Law and Economics: 6. The contract as economic exchange Jacques Ghestin; 7. Contract theory and theories of contract regulation Alan Schwartz; 8. Economic reasoning and the framing of contract law Victor Goldberg; 9. A transactions costs approach to the analysis of property rights Gary Libecap; Part IV. Theoretical Developments: Where Do We Stand?: 10. Transaction costs in incentive theory David Martimort and Eric Malin; 11. Norms and the theory of the firm Oliver Hart; 12. Liquidity constraint and the allocation of control rights Philippe Aghion and Patrick Rey; 13. Complexity and contract W. Bentley McLeod; 14. Authority, as flexibility, is the core of labour contracts Olivier Favereau and Bernard Walliser; 15. Positive agency theory: positioning and contribution Gerard Charreaux; Part V. Testing Contract Theories: 16. Econometrics of contracts: an assessment of developments in the empirical literature on contracting Scott Masten and Stéphanie Saussier; 17. Experiments on moral hazard and incentives: reciprocity and surplus sharing Marc Willinger and Claudia Keser; Part VI. Applied Issues: Contributions to Industrial Organization: 18. Residual claimancy rights and ongoing rents as incentive mechanisms in franchise contracts: complements or substitutes? Francine Lafontaine and Emmanuel Raynaud; 19. The quasi judicial role of large retailers Benito Arrunada; 20. Interconnection agreements: strategic behaviour and property rights Godefroy Dang N'guyen and Thierry Penard; 21. Licensing in the chemical industry Asish Aroroa and Andrea Fosfuri; Part VII. Policy Issues: Anti-trust and Regulation of Public Utilities: 22. Inter-industry agreements and European community competition law Michel Glais; 23. Incentive contracts in utility regulation Matthew Bennett and Catherine Waddams Price; 24. Contractual choice and performance: the case of water supply in France Claude Ménard and Stéphane Saussier; 25. Institutional or structural reform: sequencing strategies for reforming the electricity industry Pablo Spiller and Guy Holburn; 26. Electricity sector restructuring and competition Paul Joskow.