Nobel for their fundamental contributions to contract theory. This article offers a short summary and discussion of their …

-seller relationship with renegotiation. Our paper provides causal experimental evidence that an initial contract has a highly significant … threatpoints. We compare situations in which an initial contract is renegotiated to strategically equivalent bargaining situations … in which no ex ante contract was written. The ex ante contract causes sellers to ask for markups that are 45 percent …

, which offer important new insights into the interaction of contract choices, fairness and incentives. …

Contract design that motivates parties to invest and trade more efficiently occurs primarily in thin markets … characterized by bespoke, bilateral agreements between commercial parties. In that environment, the cost of producing each contract …, more efficient production of contract terms occurs in thick, multilateral markets where parties can realize the scale …

clause is present in practically every contract across a wide range of industries and, in particular, it appears in deals as … economic value of the contract to both parties by reducing uncertainty and litigation risk. We posit that different levels of … that language verbatim into the contract together with other redundant and obsolete terms including, on occasion, terms …

indeterminate meaning present opportunities for strategic behavior well after a contract has been concluded. This linguistic … boilerplate language. Using the infamous case of NML v. Argentina, we show how traditional contract doctrine, which uses a model …

Despite recent advances in our understanding of contracting behavior, economic contract theory has yet to identify the … principal causes and effects of contract breach. In this Essay, I argue that opportunism is a primary explanation for why …;” a behavior that more accurately describes the vexing problems courts face in rooting out strategic behavior in contract …