contracts which determine their managers' salaries. One contract simply gives managers incentives to maximize firm profits …, while the second contract gives an additional sales bonus. Although theory predicts the second contract to be chosen, it is …

The mix of formal and informal mechanisms for contract enforcement is examined using survey data from Russia, Ukraine … more effective, the courts or relational contracting? Do trade associations play a role in contract enforcement? Does …

, competition does not eliminate but rather exacerbates inefficiencies arising from contracting with focused agents. Common contract …

-invest in early construction, seeking a renegotiation thereafter. We show that, in a renegotiation-proof contract, the marginal …

that hardly explains the many features of an insurance contract. We extend this setup to include the situation that the … costlessly observable, then it should be included in the contract to improve the risk sharing-incentive trade-off under moral … resulting incompleteness of the contract opens the door to controversies and disputes that may lead to judicial procedures. We …