Incomplete Contracts and the Core
Author | : Arkadi Predtetchinski |
Publisher | : |
Total Pages | : 107 |
Release | : 2004 |
Genre | : |
ISBN | : 9789052784311 |
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Author | : Arkadi Predtetchinski |
Publisher | : |
Total Pages | : 107 |
Release | : 2004 |
Genre | : |
ISBN | : 9789052784311 |
Author | : Truman Fassett Bewley |
Publisher | : CUP Archive |
Total Pages | : 452 |
Release | : 1989-07-28 |
Genre | : Business & Economics |
ISBN | : 9780521389259 |
These articles should be helpful to anyone with training in economics.
Author | : Eric Brousseau |
Publisher | : Cambridge University Press |
Total Pages | : 604 |
Release | : 2002-10-17 |
Genre | : Business & Economics |
ISBN | : 9780521893138 |
A 2002 survey of economics of contracts appealing to scholars in economics, management and law.
Author | : Patrick Bolton |
Publisher | : MIT Press |
Total Pages | : 746 |
Release | : 2004-12-10 |
Genre | : Business & Economics |
ISBN | : 9780262025768 |
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.
Author | : Michael Magill |
Publisher | : MIT Press |
Total Pages | : 566 |
Release | : 2002 |
Genre | : Business & Economics |
ISBN | : 9780262632546 |
Theory of incompl. markets/M. Magill, M. Quinzii. - V.1.
Author | : Oliver Hart |
Publisher | : Clarendon Press |
Total Pages | : 244 |
Release | : 1995-10-05 |
Genre | : Business & Economics |
ISBN | : 0191521728 |
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.
Author | : Dylan Hadfield-Menell |
Publisher | : |
Total Pages | : 0 |
Release | : 2018 |
Genre | : |
ISBN | : |
We suggest that the analysis of incomplete contracting developed by law and economics researchers can provide a useful framework for understanding the AI alignment problem and help to generate a systematic approach to finding solutions. We first provide an overview of the incomplete contracting literature and explore parallels between this work and the problem of AI alignment. As we emphasize, misalignment between principal and agent is a core focus of economic analysis. We highlight some technical results from the economics literature on incomplete contracts that may provide insights for AI alignment researchers. Our core contribution, however, is to bring to bear an insight that economists have been urged to absorb from legal scholars and other behavioral scientists: the fact that human contracting is supported by substantial amounts of external structure, such as generally available institutions (culture, law) that can supply implied terms to fill the gaps in incomplete contracts. We propose a research agenda for AI alignment work that focuses on the problem of how to build AI that can replicate the human cognitive processes that connect individual incomplete contracts with this supporting external structure.
Author | : The Core Team |
Publisher | : Oxford University Press, USA |
Total Pages | : 0 |
Release | : 2019 |
Genre | : Economic policy |
ISBN | : 9780198849841 |
Economy, Society, and Public Policy is a new way to learn economics. It is designed specifically for students studying social sciences, public policy, business studies, engineering and other disciplines who want to understand how the economy works and how it can be made to work better. Topical policy problems are used to motivate learning of key concepts and methods of economics. It engages, challenges and empowers students, and will provide them with the tools to articulate reasoned views on pressing policy problems. This project is the result of a worldwide collaboration between researchers, educators, and students who are committed to bringing the socially relevant insights of economics to a broader audience.KEY FEATURESESPP does not teach microeconomics as a body of knowledge separate from macroeconomicsStudents begin their study of economics by understanding that the economy is situated within society and the biosphereStudents study problems of identifying causation, not just correlation, through the use of natural experiments, lab experiments, and other quantitative methodsSocial interactions, modelled using simple game theory, and incomplete information, modelled using a series of principal-agent problems, are introduced from the beginning. As a result, phenomena studied by the other social sciences such as social norms and the exercise of power play a roleThe insights of diverse schools of thought, from Marx and the classical economists to Hayek and Schumpeter, play an integral part in the bookThe way economists think about public policy is central to ESPP. This is introduced in Units 2 and 3, rather than later in the course.
Author | : Oliver Simon D'Arcy HART |
Publisher | : |
Total Pages | : |
Release | : 1987 |
Genre | : |
ISBN | : |
Author | : Peter Benson |
Publisher | : Harvard University Press |
Total Pages | : 625 |
Release | : 2019-12-03 |
Genre | : Law |
ISBN | : 0674237595 |
Legal thinkers typically justify contract law on the basis of economics or promissory morality. But Peter Benson takes another approach. He argues that contract is best explained as a transfer of rights governed by a conception of justice. The result is a comprehensive theory of contract law congruent with Rawlsian liberalism.