Download or read book Relational Contracts and the Nature of Market Interactions written by Martin Brown and published by . This book was released on 2013 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide evidence that long-term relationships between trading parties emerge endogenously in the absence of third party enforcement of contracts and are associated with a fundamental change in the nature of market interactions. Without third party enforcement, the vast majority of trades are initiated with private offers and the parties share the gains from trade equally. Low effort or bad quality is penalized by the termination of the relationship, wielding a powerful effect on contract enforcement. Successful long-term relations exhibit generous rent sharing and high effort (quality) from the very beginning of the relationship. In the absence of third-party enforcement, markets resemble a collection of bilateral trading islands rather than a competitive market. If contracts are third party enforceable, rent sharing and long-term relations are absent and the vast majority of trades are initiated with public offers. Most trades take place in one-shot transactions and the contracting parties are indifferent with regard to the identity of their trading partner.
Download or read book Relational Contracts and the Nature of Market Interactions written by Martin Brown and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Contractual Incompleteness and the Nature of Market Interactions written by Martin Brown and published by . This book was released on 2002 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Contractual Incompleteness and the Nature of Market Interactions written by Martin Brown and published by . This book was released on 2013 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide experimental evidence that contractual incompleteness, i.e., the absence of third party enforcement of workers' effort or the quality of the good traded, causes a fundamental change in the nature of market interactions. If contracts are complete the vast majority of trades are initiated by public offers. Most trades take place in one-shot transactions and the contracting parties are indifferent with regard to the identity of their trading partner. Moreover, the short side of the market attempts to appropriate the whole gains from trade, which causes much disagreement about contract terms. If contracts are incomplete the vast majority of trades are initiated by private offers. The contracting parties form long-term relations and the provision of low effort or bad quality is penalized by the termination of the relationship. The threat of terminating the relation turns out to be an extremely powerful discipline device. Markets with incomplete contracts resemble a collection of bilateral trading islands rather than a competitive market. The short side of the market shares the gains from trade with the long side of the market so that there is little disagreement about contract terms. Our results support theories of the labor market that are based on the idea that unemployment is a worker discipline device.
Download or read book Contractual Renegotiations and International Investment Arbitration written by Aikaterini Florou and published by BRILL. This book was released on 2020-03-02 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Contractual Renegotiations and International Investment Arbitration, Aikaterini Florou explores the complex phenomenon of the renegotiation of investor-state contracts. The author reconstructs the relationship between those contracts and the overarching investment treaties using an original interpretative methodology based on transaction cost economics and relational contract theory.
Download or read book Relational Contracts and Development written by Rocco Macchiavello and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article reviews an emerging body of evidence on relational contracts, defined as informal arrangements sustained by the value of future interactions. We focus on developing and international markets, which are often characterized as contexts with weak formal contract enforcement. We introduce relational contracting between firms as a governance form alternative to both firms and markets. We then review evidence on the prevalence of long-term relationships between firms and discuss why this governance form might be particularly common in developing countries. After introducing a simple framework, we discuss the measurement of relational contracting between firms. We review an approach that takes dynamic incentive compatibility constraints to the data to quantify the value of future interactions and illustrate how different types of shocks can be used to uncover the inner functioning of relational contracting. We also review structural models and conclude with policy implications and promising avenues for future research.
Download or read book Relational Contracts written by Rocco Macchiavello and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Relational contracts -- informal self-enforcing agreements sustained by repeated interactions -- are ubiquitous both within and across organizational boundaries. This review highlights recent empirical contributions in selected areas. We begin by reviewing some recent work that explicitly takes the dynamic incentive compatibility constraints that underpin relational contract models to the data. We then discuss the relationship between relational contracting and firms' performance. We conclude pointing in directions that we consider to be particularly ripe for future work.
Download or read book Relational Supply Contracts written by Michaela Isabel Höhn and published by Springer Science & Business Media. This book was released on 2009-10-03 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: Supply relations are often governed by so-called relational contracts. These are informal agreements sustained by the value of future cooperation. Although relational contracts persist in practice, research on these types of contract is only emerging in Operations and Supply Chain Management. This book studies a two-firm supply chain, where repeated transactions via well-established supply contracts and continued quality-improvement efforts are governed by a relational contract. We are able to characterize an optimal relational contract, i.e., to develop policies for supplier and buyer that structure investments in quality and flexibility in a way that no other self-enforcing contract generates higher expected joint surplus. A second goal is to compare the performance of different returns mechanisms in the context of relational contracting (quantity flexibility and buy-back contracts). Industry studies motivate the presented model.
Download or read book The Handbook of Organizational Economics written by Robert S. Gibbons and published by Princeton University Press. This book was released on 2013 with total page 1248 pages. Available in PDF, EPUB and Kindle. Book excerpt: (E-book available via MyiLibrary) In even the most market-oriented economies, most economic transactions occur not in markets but inside managed organizations, particularly business firms. Organizational economics seeks to understand the nature and workings of such organizations and their impact on economic performance. The Handbook of Organizational Economics surveys the major theories, evidence, and methods used in the field. It displays the breadth of topics in organizational economics, including the roles of individuals and groups in organizations, organizational structures and processes, the boundaries of the firm, contracts between and within firms, and more.
Download or read book The Relational Theory of Contract written by Ian R. MacNeil and published by . This book was released on 2001 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Experiments in Financial Economics written by R. Mark Isaac and published by Emerald Group Publishing. This book was released on 2013-12-06 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research in Experimental Economics is a series of edited research volumes focused on laboratory experimental economics, first published in 1979 with founding editor Vernon L. Smith. Volume 16 of the series focuses around the themes of experiments in financial economics.
Download or read book Relational Contracts in Competitive Markets written by Martin Brown and published by . This book was released on 2004 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The New Palgrave Dictionary of Economics written by and published by Springer. This book was released on 2016-05-18 with total page 7493 pages. Available in PDF, EPUB and Kindle. Book excerpt: The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.
Download or read book The Handbook of Experimental Economics Volume 2 written by John H. Kagel and published by Princeton University Press. This book was released on 2020-05-26 with total page 770 pages. Available in PDF, EPUB and Kindle. Book excerpt: An indispensable survey of new developments and results in experimental economics When The Handbook of Experimental Economics first came out in 1995, the notion of economists conducting lab experiments to generate data was relatively new. Since then, the field has exploded. This second volume of the Handbook covers some of the most exciting new growth areas in experimental economics, presents the latest results and experimental methods, and identifies promising new directions for future research. Featuring contributions by leading practitioners, the Handbook describes experiments in macroeconomics, charitable giving, neuroeconomics, other-regarding preferences, market design, political economy, subject population effects, gender effects, auctions, and learning and the economics of small decisions. Contributors focus on key developments and report on experiments, highlighting the dialogue between experimenters and theorists. While most of the experiments consist of laboratory studies, the book also includes several chapters that report extensively on field experiments related to the subject area studied. Covers exciting new growth areas in experimental economics Features contributions by leading experts Describes experiments in macroeconomics, charitable giving, neuroeconomics, market design, political economy, gender effects, auctions, and more Highlights the dialogue by experimenters with theorists and each other Includes several chapters covering field experiments related to the subject area studied
Download or read book Entrepreneurs in Contemporary China written by Xiaoying Qi and published by Cambridge University Press. This book was released on 2023-09-07 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: By drawing on extensive interviews with business founders and CEOs this book explores the complexities and dynamics of business and social relations responsible for present-day China's economic vibrancy. It makes an original contribution both through its empirical richness and theoretical innovations on trust, social networks, crisis and gender.
Download or read book Macropsychology written by Malcolm MacLachlan and published by Springer Nature. This book was released on 2021-03-29 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume argues for the development of a macro perspective within psychology that more effectively incorporates social structures, systems, policies, and institutions. The book emphasizes how social structures and systems can ultimately promote, or erode, psychological wellbeing. Macropsychology is concerned with “understanding up,” or how we can influence the settings and conditions of the society in which we live. Psychology has traditionally been more interested in “understanding down,” that is, with the behaviour of individuals and groups; in inter-psychic and intra-psychic and in neurological and biological processes. This volume argues that psychology can more effectively contribute at the macro or societa level, by addressing grand challenges and global goals, using big data, and intervening at the population level.Bringing together social, organizational, cultural, and health psychology research, the book demonstrates a broad range of areas benefitting from a macropsychology perspective, particularly areas integral to the realization of the Sustainable Development Goals (SDGs). Contributors address the value of macropsychological perspectives in addressing sub-topics such as: Mental health Personality traits and social structure Disability rights Food systems Humanitarian work psychology Macropsychology: A Population Science for Sustainable Development Goals aims to recognise and give impetus to a neglected perspective within psychology, and to inspire a paradigm-widening within the field of psychology, facilitating greater involvement with social justice and human rights.
Download or read book Explaining Norms written by Geoffrey Brennan and published by OUP Oxford. This book was released on 2013-09-06 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: Norms are a pervasive yet mysterious feature of social life. In Explaining Norms, four philosophers and social scientists team up to grapple with some of the many mysteries, offering a comprehensive account of norms: what they are; how and why they emerge, persist and change; and how they work. Norms, they argue, should be understood in non-reductive terms as clusters of normative attitudes that serve the function of making us accountable to one another—with the different kinds of norms (legal, moral, and social norms) differing in virtue of being constituted by different kinds of normative attitudes that serve to make us accountable in different ways. Explanations of and by norms should be seen as thoroughly pluralist in character. Explanations of norms should appeal to the ways that norms help us to pursue projects and goals, individually and collectively, as well as to enable us to constitute social meanings. Explanations by norms should recognise the multiplicity of ways in which norms may bear upon the actions we perform, the attitudes we form and the modes of deliberation in which we engage: following, merely conforming with, and even breaching norms. While advancing novel and distinctive positions on all of these topics, Explaining Norms will also serve as a sourcebook with a rich array of arguments and illustrations for others to reassemble in ways of their own choosing.
