results are discussed with respect to business organizations, added costs, investments, crops, and contracting. …

. Our insights extend to general models of contracting with imperfect commitment. …

In most of the contract theory literature, contracting costs are assumed either to be high enough to preclude certain … forms of contracting, or low enough to permit any contract to be written. Similarly, researchers usually treat renegotiation … costs of contracting and renegotiation can take intermediate values and the contracting parties can themselves influence …