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The Economics of Contracts: Theories and Applications

Hardback

Main Details

Title The Economics of Contracts: Theories and Applications
Authors and Contributors      Edited by Eric Brousseau
Edited by Jean-Michel Glachant
Physical Properties
Format:Hardback
Pages:604
Dimensions(mm): Height 229,Width 152
Category/GenreMicroeconomics
Business and management
ISBN/Barcode 9780521814904
ClassificationsDewey:330
Audience
Professional & Vocational
Illustrations 16 Tables, unspecified; 7 Line drawings, unspecified

Publishing Details

Publisher Cambridge University Press
Imprint Cambridge University Press
Publication Date 17 October 2002
Publication Country United Kingdom

Description

A contract is an agreement under which two parties make reciprocal commitments in terms of their behavior to coordinate. As this concept has become essential to economics in the last 30 years, three main theoretical frameworks have emerged: 'incentive theory', 'incomplete-contract theory' and 'transaction-costs theory'. These frameworks have enabled scholars to renew both the microeconomics of coordination (with implications for industrial organization, labor economics, law and economics, organization design) and the macroeconomics of 'market' (decentralized) economies and of the institutional framework. These developments have resulted in new analyses of a firm's strategy and State intervention (regulation of public utilities, anti-trust, public procurement, institutional design, liberalization policies, etc.). Based on contributions by the leading scholars in the field, this book provides an overview of the past and recent developments in these analytical currents, presents their various aspects, and proposes expanding horizons for theoreticians and practitioners.

Author Biography

ERIC BROUSSEAU is Professor of Economics at the University of Paris X. JEAN-MICHEL GLACHANT is Head of the Department of Economics at the University of Paris XI.