Results 221 to 230 of about 40,772 (245)
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Renegotiating Incomplete Contracts
The RAND Journal of Economics, 1992I examine the welfare effects associated with having agents write incomplete contracts. When contracting parties are permitted to renegotiate existing contracts, I show that they will be able to design contracts that can implement the set of first-best allocations via renegotiation.
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2002
Parties to lending agreements can create priority rankings in two ways: by securing a lender or by protecting the lender's debt with financial covenants. Protected debt turns into high priority debt because the early lender will permit covenant violations only if a later lender agrees to subordinate its claim. The Bankruptcy Code sustains both forms of
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Parties to lending agreements can create priority rankings in two ways: by securing a lender or by protecting the lender's debt with financial covenants. Protected debt turns into high priority debt because the early lender will permit covenant violations only if a later lender agrees to subordinate its claim. The Bankruptcy Code sustains both forms of
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2018
Chapter 36 considers issues that result from the incompleteness of a contract. In economic theory a complete contract is a contract that specifies the parties’ rights, duties, and remedies under every possible state of the world. Under this conception every contract is incomplete, because it would be prohibitively expensive to delineate the effect of ...
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Chapter 36 considers issues that result from the incompleteness of a contract. In economic theory a complete contract is a contract that specifies the parties’ rights, duties, and remedies under every possible state of the world. Under this conception every contract is incomplete, because it would be prohibitively expensive to delineate the effect of ...
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Incomplete Contracts, Risk, and Ownership
International Economic Review, 1995This paper develops a model of ownership based on incomplete contracts, specific investments, and risk and tests the model using data on industrial subcontracting in Mexico. The choice of ownership structure involves a trade-off between minimizing holdup risk and spreading natural risk.
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Incomplete Contracts: Where do We Stand?
Econometrica, 1999The paper takes stock of the advances and directions for research on the incomplete contracting front. It first illustrates some of the main ideas of the incomplete contract literature through an example. It then offers methodological insights on the standard approach to modeling incomplete contracts; in particular it discusses a tension between two ...
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Optimally Incomplete Contracts
1998One of the critical roles for the entrepreneur in successfully starting a new firm and introducing new products or services is to mobilize the necessary resources. These activities include hiring employees and lining up suppliers of intermediate goods and services. Both of these activities involve contracting with other parties.
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Incomplete Contracts and Control
American Economic Review, 2017Oliver Hart delivered his Prize Lecture on 8 December 2016 at the Aula Magna, Stockholm University.
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Incomplete contracts and privatization
European Economic Review, 1996The paper offers a selective survey on the incomplete contracts approach to privatization. Furthermore, a simple model of privatization to an owner-manager is developed in which different allocations of ownership rights lead to different allocations of inside information about the firm which in turn affect allocative and productive efficiency.
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Definition of Incomplete Contracts
SSRN Electronic Journal, 2016This note defines incomplete contracts and explains simple contracts. Although widely used in practice, incomplete contracts have not been well defined in the literature.
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Taxation and Incomplete Contracts [PDF]
, 2012 This paper analyzes the impact of taxation on economic efficiency when contracts are incomplete, firms operate in a perfect competitive market and can choose between integrated or non-integrated governance to cope with contract incompleteness. Taxation reduces incentives to pursue intrafirm coordination, thus the efficiency of firm’s production process
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