be decoupled from his truth-telling incentives. This makes the optimal static contract inefficient and relational … contracts based on the public signals increase efficiency. In the optimal contract, it may be optimal to ignore signals that are …

study a principal-multi-agent relational contracting model in which the optimal contract resembles a bonus pool. It … results. In this case, the optimal contract either ignores the team measure completely or uses it to create a conditional …

Incumbent firms, especially in high-tech industries, often contract and collaborate with small research units on single …'s problem to design a research contract that specifies: the allocation of control; the unit's research input, and its monetary … complete contract perspective, an allocation of control that is contingent on the unit's reported information provides the …

We relate the design of contract law to the process of development. In this paper, contract law defines which private … levels of effort and trading among agents. The solution to this problem requires a social contract which meets two conditions …: (i) an economywide delegate (judge) responsible for the enforcement of the social contract and (ii) a set of non …

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 …

can offer an ex-post contract. Escape clauses are valuable when the maximal number of initial contracts is smaller than … the benefit of a better-adapted contract against an increase in dynamic inefficiency. …

contract simplification and forego strategic obfuscation. As a result, the costs to consumers of comprehending would decrease …