Download or read book Unforeseen Contingencies Property Rights and Incomplete Contracts written by Eric Maskin and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We scrutinize the conceptual framework commonly used in the incomplete contract literature. This literature usually assumes that contractual incompleteness is due to the transaction costs of describing - or of even foreseeing - the possible states of nature in advance. We argue, however, that such transaction costs need not interfere with optimal contracting (i.e., transaction costs need not be relevant), provided that agents can probabilistically forecast their possible future payoffs (even if other aspects of the state of the nature cannot be forecast). In other words, all that is required for optimality is that agents be able to perform dynamic programming, an assumption always invoked by the incomplete contract literature. Under weak assumptions, this conclusion remains true even if contract renegotiation cannot be ruled out. We also reexamine the literature on assignment of property rights and conclude with some suggestions for future research.
Download or read book Unforeseen Contingencies written by Nabil I. Al-Najjar and published by . This book was released on 2002 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Managerial Dilemmas written by Gary J. Miller and published by Cambridge University Press. This book was released on 1992 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managerial Dilemmas extends the use of analytical techniques from organisational economics to the spheres of organisational culture and leadership in politics and business.
Download or read book Contract Theory written by Patrick Bolton and published by MIT Press. This book was released on 2004-12-10 with total page 746 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. 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.
Download or read book The Theory of Corporate Finance written by Jean Tirole and published by Princeton University Press. This book was released on 2010-08-26 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.
Download or read book The Allocation of Limited Entrepreneurial Attention written by Sharon Gifford and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Allocation of Limited Entrepreneurial Attention examines the implications of allocating limited entrepreneurial attention among activities or projects. This book maintains that attention is simultaneously limited in that a decision maker can pay attention to only one thing at a time, and entrepreneurial in that it may be allocated to evaluating a potential new project for possible adoption. However, since the outcome of the allocation of attention is not certain, the number of projects among which attention can be allocated is stochastic and the maximum number of projects is endogenously determined by the optimal allocation of limited entrepreneurial attention and describes the implications of this analysis for a number of economic problems.
Download or read book Economic Analysis of Contract Law written by Sugata Bag and published by Springer. This book was released on 2018-01-24 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the main issues arising in economic analysis of contract law with special attention given to the incomplete contracts. It discusses both the main features of contract law as they relate to the problem of economic exchange, and how the relevant legal rules and the institutions can be analysed from an economic perspective. Evaluate the welfare impacts, analyses the effects and the desirability of different breach remedies and examines the optimal incentive structure of party-designed liquidated damages under the different dimensions of informational asymmetry. Overall the book aims to contribute to the legal debate over the adoption of the specific breach remedies when the breach victim’s expectation interest is difficult to assess, and to the debate over courts' reluctance to implement large penalties in the event of breach of contracts.
Download or read book Essays on Contract Design and Incentive Provision written by Eva I. Hoppe-Fischer and published by Springer. This book was released on 2019-02-19 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contract theory, which emphasizes the importance of unverifiable actions and private information, has been a highly active field of research in microeconomics in the last decades. This thesis is divided into two parts. Part I consists of three chapters that study contract-theoretic models which are motivated by the classic procurement problem of a principal who wants an agent to deliver a certain good or service. In such models it is typically assumed that decision makers are interested in their own monetary payoffs only. Moreover, they have unlimited cognitive abilities and behave in a perfectly rational way. Yet, in practice people often do not behave this way. While empirical research is very difficult in contract theory, laboratory experiments have recently turned out to be an important source of data. In Part II, three experimental studies are presented that investigate contract-theoretic problems brought up in Part I.
Download or read book Institutions and Economic Theory written by Eirik G. Furubotn and published by University of Michigan Press. This book was released on 2010-10-22 with total page 673 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition assesses some of the major refinements, extensions, and useful applications that have developed in neoinstitutionalist thought in recent years. More attention is given to the overlap between the New Institutional Economics and developments in economic history and political science. In addition to updated references, new material includes analysis of parallel developments in the field of economic sociology and its attacks on representatives of the NIE as well as an explanation of the institution-as-an-equilibrium-of-game approach. Already an international best seller, Institutions and Economic Theory is essential reading for economists and students attracted to the NIE approach. Scholars from such disciplines as political science, sociology, and law will find the work useful as the NIE continues to gain wide academic acceptance. A useful glossary for students is included. Eirik Furubotn is Honorary Professor of Economics, Co-Director of the Center for New Institutional Economics, University of Saarland, Germany and Research Fellow, Private Enterprise Research Center, Texas A&M University. Rudolph Richter is Professor Emeritus of Economics and Director of the Center for New Institutional Economics, University of Saarland, Germany.
Download or read book The Economics of Contracts second edition written by Bernard Salanie and published by MIT Press. This book was released on 2017-02-17 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: A concise introduction to the theory of contracts, emphasizing basic tools that allow the reader to understand the main theoretical models; revised and updated throughout for this edition. The theory of contracts grew out of the failure of the general equilibrium model to account for the strategic interactions among agents that arise from informational asymmetries. This popular text, revised and updated throughout for the second edition, serves as a concise and rigorous introduction to the theory of contracts for graduate students and professional economists. The book presents the main models of the theory of contracts, particularly the basic models of adverse selection, signaling, and moral hazard. It emphasizes the methods used to analyze the models, but also includes brief introductions to many of the applications in different fields of economics. The goal is to give readers the tools to understand the basic models and create their own. For the second edition, major changes have been made to chapter 3, on examples and extensions for the adverse selection model, which now includes more thorough discussions of multiprincipals, collusion, and multidimensional adverse selection, and to chapter 5, on moral hazard, with the limited liability model, career concerns, and common agency added to its topics. Two chapters have been completely rewritten: chapter 7, on the theory of incomplete contracts, and chapter 8, on the empirical literature in the theory of contracts. An appendix presents concepts of noncooperative game theory to supplement chapters 4 and 6. Exercises follow chapters 2 through 5. Praise for the previous edition: “The Economics of Contracts offers an excellent introduction to agency models. Written by one of the leading young researchers in contact theory, it is rigorous, clear, concise, and up-to-date. Researchers and students who want to learn about the economics of incentives will want to read this primer.”—Jean Tirole, Institut D'Économie Industrielle, Universite des Sciences Sociales, France “Students will find this a very useful introduction to the ideas of contract theory. Salanié has managed to summarize a large amount of material in a relatively short number of pages in a highly accessible and readable manner.”—Oliver Hart, Professor of Economics, Harvard University
Download or read book The Economics of Contracts written by Eric Brousseau and published by Cambridge University Press. This book was released on 2002-10-17 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: A 2002 survey of economics of contracts appealing to scholars in economics, management and law.
Download or read book Adaptation Specialization and the Theory of the Firm written by Birger Wernerfelt and published by Cambridge University Press. This book was released on 2016-10-27 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: An up-to-date analysis of the theory of the firm, including the latest research on the resource-based view.
Download or read book Toward a General Theory of Exchange written by Javaid R. Khwaja and published by iUniverse. This book was released on 2013 with total page 595 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new economy, under the impetus of the ever-widening outreach of the Internet, is undergoing a transition. In the meantime, there's also been a shift to the information paradigm, with its emphasis on lack of foresight. These processes have almost completely supplanted the concept of market that was once one of the most cardinal features of conventional economic theory. In Toward a General Theory of Exchange: Strategic Decisions and Complexity, author Dr. Javaid R. Khwaja traces the slow melting of the market, the most ubiquitous contraption and the summum bonum of economic science, as an organized manifestation of complexity, with its wide-ranging impact on the flow of funds. Using the historical background of economic theories, this study blends the interdisciplinary range and fills the vacuum that has existed among current conventional economic theory, the theory of strategic decision making, actor-network theory, the domain of law and economics, and the science of complexity. An observer of economic development for several decades, Khwaja shows the relationship between technology and economics and how it affects social exchanges and trends.
Download or read book Regulatory Tradeoffs in Designing Concession Contracts for Infrastructure Networks written by Claude Crampes and published by World Bank Publications. This book was released on 1997 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inframarginal Economics written by Xiaokai Yang and published by World Scientific. This book was released on 2009 with total page 924 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research monograph provides systematic and comprehensive materials for applying inframarginal analysis to study a wide range of economic phenomena. The analysis is based on a new overarching framework to resurrect the classical notion of division of labor and specialization, which is an essential source of increasing a nation''s wealth. The framework absorbs many classical and neo-classical insights in a general equilibrium analysis and explains many micro- and macro-phenomena. Many areas of the discipline that have been customarily treated as separate branches can now be analyzed systematically within this integrated framework. These include, for example, micro-economics; macro-economics; development economics; international economics; urban economics; growth theory; industrial organization; applications of game theory in economics; economics of property rights; economics of transaction costs; economics of institutions and contract; economics of organization; economics of states; managerial economics; theory of hierarchy; new theory of the firm; theory of money; theory of insurance; theory of network and reliability.
Download or read book The Emergence of Social Enterprise written by Carlo Borzaga and published by Routledge. This book was released on 2001-09-06 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the remarkable growth of the 'third sector', focusing on social enterprises, their characteristics, their contribution and their future prospects.
Download or read book The Changing World of Oil An Analysis of Corporate Change and Adaptation written by Jerome Davis and published by Routledge. This book was released on 2016-12-14 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines broad questions of industrial change in order to explain developments in the oil industry. In contrast to most other work on this industry, firms are considered to be the dependent variables rather than the future production and demand for oil and gas. An analysis of the industry is made by examining how corporations change their operating environments and are themselves changed by their environments. Particular attention is paid to 'mega-mergers' and to industrial downsizing and outsourcing. The significance of such restructuring for the societies the companies serve is also considered and comprehensive use is made of recent theories of the firm. It shows how such theories can be used to analyze a key world-wide industry. The distinctive approach of this book will help extend readers' understanding of the oil industry beyond the more conventional studies.
