This paper builds upon confrontation of contractual theory of the firm based on Hart et Moore (1990) with recent evidences on vertical disintegration of value chains. We identify a progressive redefinition of nature and role of the firm in these theories. Ownership are no more required for...

In this article, we explore the contractual design of toll infrastructure concession contracts. We highlight the fact that the contracting parties try to sign not only complete rigid contracts in order to avoid renegotiations but also flexible contracts in order to adapt contractual framework to...