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Economic analysis of contract law incomplete contracts and asymmetric information

Author: Sugata Bag
Publisher: Cham, Switzerland : Palgrave Macmillan, 2018.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This book examines the main issues arising in economic analysis of contract law with special attention given to the incomplete contracts. It discusses both the main features of contract law as they relate to the problem of economic exchange, and how the relevant legal rules and the institutions can be analysed from an economic perspective. Evaluate the welfare impacts, analyses the effects and the desirability of  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version :
(OCoLC)994819036
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Sugata Bag
ISBN: 9783319652689 3319652680
OCLC Number: 1020790041
Description: 1 online resource.
Contents: Intro; Preface; Organisation of the Book; Instruction for Readers; Acknowledgements; Contents; 1 Introduction; 1.1 Basic Premise: Contracts and Contract Law; 1.1.1 Economic Aspect of Contract A Mechanism for Exchange; 1.1.2 Legal Perspective of a Contract A Law Enforcing Mechanism; 1.1.3 Contractual Incompleteness: Economic and Legal Views; 1.2 The Tradition of Civil and Common Laws; 1.2.1 A Unified Approach to Contract Laws; 1.3 Economic Analysis of (Contract) Law; 1.3.1 Normative and Positive Analyses; 1.4 Analytical Framework: Welfare, Efficiency and the Principal-Agent Paradigm 1.5 Specific Research ObjectivesNotes; References; 2 Basics of Economic Theory of Contract; 2.1 Introduction; 2.1.1 Why a Contract?; 2.1.2 What Type of Contract? Bounded Rationality and Contractual Incompleteness; 2.1.3 Different Market Modes and Associated Incentives: No Contract, Spot Contract, Simple Incomplete Contract, Complex Contract; 2.2 The Multi-Task Model: Modes of Contracting, Incomplete Information, Incentives, Hold-Up; 2.2.1 A Competitive Market Solution; 2.2.2 Bilateral Relations; Sequence of the Game; Pay-Offs and the Nature of Investments; The First Best Outcomes 2.3 Arm's-Length Transactions and Incentives2.3.1 Spot Contract (Ex Post Bargaining); Case A: Thin Market (Following Williamson); Case B: Thick Market (A Particular Case); 2.3.2 Simple Incomplete Contract (Fixed Price Contract); The Case of Binary Quantity Choice; The Case of Continuous Quantity Choice; 2.3.3 Complex Incomplete Contracts; 2.3.4 Issues Related to Uncertain Product Specifications; 2.4 Conclusion; Notes; References; 3 Economics of Damage Remedies I: Unilateral Reliance, One-Sided Information Asymmetry; 3.1 Introduction; 3.1.1 Hold-Ups: Divergent Economic and Legal Views 3.1.2 Where the Present Analysis Stands3.2 The Model: Unilateral Reliance and One-Sided Private Information; 3.2.1 The General Setting; 3.2.2 The First Best: Efficient Breach and Efficient Investment; 3.3 Court-Imposed Remedies for Breach of Contract; 3.3.1 Restitution Damages (No Explicit Damage Liability); 3.3.2 Reliance Damages; 3.3.3 Expectation Damages; 3.3.4 Comparison of Court-Imposed Damages; 3.4 Restoring Efficiency in the Contracts; 3.4.1 Liquidated Damage (Party-Designed Damage); 3.5 Conclusion; Notes; References 4 Economics of Damage Remedies II: Bilateral Reliance, One-Sided Information Asymmetry4.1 Introduction; 4.2 The Model: Bilateral Reliance and One-Sided Private Information; 4.2.1 General Setting; 4.2.2 The Analysis: First Best; 4.3 Court-Imposed Remedies for Breach; 4.3.1 Reliance and Restitution Damage Measures; 4.3.2 Expectation Damage; 4.4 Party Designed Liquidated Damage; Notes; References; 5 Economics of Damage Remedies III: Incentives Under Expectation Damage With One-Sided Private Information A Mechanism Design Approach; 5.1 Introduction; 5.2 The Model; 5.2.1 The General Setting
Responsibility: Sugata Bag.

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This book examines the main issues arising in economic analysis of contract law with special attention given to the incomplete contracts.  Read more...

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