The Economics of Contracts: A Primer, 2nd Edition

Book Description

The theory of contracts grew out of the failure of the general equilibrium model to account for the strategic interactions among agents that arise from informational asymmetries. This popular text, revised and updated throughout for the second edition, serves as a concise and rigorous introduction to the theory of contracts for graduate students and professional economists. The book presents the main models of the theory of contracts, particularly the basic models of adverse selection, signaling, and moral hazard. It emphasizes the methods used to analyze the models, but also includes brief introductions to many of the applications in different fields of economics. The goal is to give readers the tools to understand the basic models and create their own.

For the second edition, major changes have been made to chapter 3, on examples and extensions for the adverse selection model, which now includes more thorough discussions of multiprincipals, collusion, and multidimensional adverse selection, and to chapter 5, on moral hazard, with the limited liability model, career concerns, and common agency added to its topics. Two chapters have been completely rewritten: chapter 7, on the theory of incomplete contracts, and chapter 8, on the empirical literature in the theory of contracts. An appendix presents concepts of noncooperative game theory to supplement chapters 4 and 6. Exercises follow chapters 2 through 5.

Customer Reviews:

Broad introduction with a lack of depth.......2006-04-25

...so if that's what you want, then this book is for you. However, if you're using this for your first look at contract theory, you may well be disappointed (as I am). I don't credit Salanie for leaving out the technical details of the models, because he doesn't effectively convey the depth of the models in his largely intuitive treatment. I'm all for intuition and simplicity, but his book leaves me with more questions than answers after reading it.

I'm browsing around on Amazon for a better book, so I thought I'd write a quick rating so that other lowly beginners like me don't make the same mistake I made in purchasing this as my only textbook.

On the other hand, I suppose if you want a concise overview with the sketch of most of the important contract theory models, then this might be what you're looking for.

well chosen topics, poorly written.......2002-11-15

The topics and papers discussed in this book are great, in that sense, it's a good book. However, the book is very poorly written.

The author tries to avoid mathematical details of the models but such attempt makes the book not well concatenated. For seriously readers, you learn a lot more by reading the papers cited in this book than reading the book itself.

A good book (with some minor problems).......1999-10-28

Salanie's book covers the standard areas of contract theory; adverse selection, moral hazard, signalling etc, along with chapters on the dynamics of complete contracts, incomplete contracts and a final chapter on the empirical work on contracts. The material on dynamics and incomplete contracts is most welcome as many other books in this area do not cover it. Perhaps more space could have been given over to incomplete contracts given the increasing importance of them.

The book manages to cover a large amount of material in a relatively small number of pages, it is just over 200 pages. Most of this material is presented in an accessible and readable manner and most graduate students in economics should be able to read the book.

The most obvious problem with the book is the number of small errors it contains. Some of the figures have points that are in the wrong place; there are a number of what look like typos in the text, being told that an indifference curve goes through a point (q2,t2) when in fact it goes through (q1,t1) for example. While these are only minor problems they do distract from the otherwise good impression that the book makes.

best book ever.......1999-06-17

I loved that book because it explains the theory of contracts in an easy way buy with no lack of formality

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The Art Law Primer
Linda Pinkerton , and John Guardalabene
Manufacturer: Lyons Pr
ProductGroup: Book
Binding: Paperback

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ASIN: 1558210024

International Commercial Agreements:A Primer on Drafting, Negotiating and Resolving Disputes

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International Commercial Agreements:A Primer on Drafting, Negotiating and Resolving Disputes
William Fox
Manufacturer: Kluwer Law International
ProductGroup: Book
Binding: Paperback

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ASIN: 9041106383

Book Description

Trade between nations is worth billions of dollars a year and will continue to increase with the rise in world population. But the complexities and nuances involved often make aspects of transnational contracts impenetrable. As a result, the need is stronger than ever for a one-volume text on the fundamentals of International Commercial Transactions for lawyers, businesspeople, and others involved in or considering international deals. International Commercial Agreements, now in its third edition, meets this need by providing basic, precise information on setting up and performing international trade transactions. Its popularity is a testament to its uniqueness -- the bulk of work on this subject is concentrated in inaccessible, multi-volume treaties or scattered among law journal articles and assumes expertise in the arena and familiarity with the legal jargon. This book focuses on the private dimensions of international trade, and specifically on its contractual aspects. Its focus reflects the reality of the day-to-day business of international trade, which is primarily an undertaking between two private businesses based on a contract drafted and negotiated between the two contracting parties for performance by them with occasional third-party assistance. The work is organized so that the user can read or skip various topics as needed rather than having to read cover-to-cover. Coverage includes: + specific guidance on drafting commercial agreements; + background material on contract formation, including basic information on contract law; + information on differences between international and domestic contracts; + exploration of negotiation techniques and coverage of new thinking in negotiation to help smooth the negotiation process; + and discussion of alternative dispute resolution issues. The book also contains numerous helpful features, including; + suggestions for specific contract language; + footnotes to appropriate additional sources -- treaties, rules, statutes, other primary sources of the law, treaties, and law journal articles -- which guide readers who require more depth on a particular subject; + clear, easy-to-follow structure mirroring the three stages of an agreement; + appendices of relevant legislation; + a detailed bibliography, and + a topical index. Its features, coverage, and clarity contribute to the value of International Commercial Agreements as a handbook to planning and carrying out various types of international commercial transactions. Businesspeople, academics, lawyers, and students will appreciate this highly useful guide to an increasingly important business enterprise.

The economics of contracts: A primer. (Books Reviewed).(Statistical Data Included)(Review): An article from: American Journal of Agricultural Economics

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The economics of contracts: A primer. (Books Reviewed).(Statistical Data Included)(Review): An article from: American Journal of Agricultural Economics
Robert G. Chambers
Manufacturer: American Agricultural Economics Association
ProductGroup: Book
Binding: Digital
ASIN: B0008ILC7O
Release Date: 2005-07-28

Book Description

This digital document is an article from American Journal of Agricultural Economics, published by American Agricultural Economics Association on November 1, 2001. The length of the article is 2112 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: The economics of contracts: A primer. (Books Reviewed).(Statistical Data Included)(Review)
Author: Robert G. Chambers
Publication: American Journal of Agricultural Economics (Refereed)
Date: November 1, 2001
Publisher: American Agricultural Economics Association
Volume: 83 Issue: 4 Page: 1095(4)

Article Type: Statistical Data Included

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A Primer on Contract Renegotiation
Yankee Group
Manufacturer: MarketResearch.com
ProductGroup: Book
Binding: Digital

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Book Description

Most third-party IT vendor contracts get renegotiated before their original intended completion dates. This is true for contracts of all sizes. Flexible contracts that facilitate these changes are strong enablers of successful IT outsourcing. The cost of reopening contracts to a mid-term bid is usually very high and is also quite risky, and frequent re-bids only exacerbate that cost. The Yankee Group has worked for many years with all the parties of these contracts. This Report analyzes many of the techniques used to mitigate the need to reopen contracts during their intended life. The Yankee Group believes there are three goals contracting parties must work toward in an original contract to be able to create a contract that can be modified without reopening it: Flexibility, Enforceability, and Value maximization. Users need a contract flexible enough to adapt to ever-changing IT and corporate environments. A flexible contract is one that requires a minimum amount of senior management time to adapt to changes in the operating environment. Users need an enforceable contract that measures performance, provides appropriate penalties for failure to perform, and allows for termination (for cause or convenience). Finally, users need a contract that encourages value maximization through reasonable pricing, efficiency incentives, and alignment of provider and user goals. The achievement of these goals requires the marriage of the science of the practical and the art of the possible, as well as understanding the business of IT and anticipating what might happen next.

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The Economics of Contracts: A Primer
Bernard Salanie
Manufacturer: The MIT Press
ProductGroup: Book
Binding: Paperback
ASIN: B000OQMAO4

Negotiating International Hotel Chain Management Agreements a Primer for Hotel Owners Dev Countries (Unctc Advisory Studies, No 5, Series B/E90 Iia)

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Negotiating International Hotel Chain Management Agreements a Primer for Hotel Owners Dev Countries (Unctc Advisory Studies, No 5, Series B/E90 Iia)

Manufacturer: United Nations
ProductGroup: Book
Binding: Paperback

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Book Description

Mary Ann Glendon's A Nation Under Lawyers is a guided tour through the maze of the late-twentieth-century legal world. Glendon depicts the legal profession as a system in turbulence, where a variety of beliefs and ideals are vying for dominance.

Customer Reviews:

A must-read for lawyers and law students.......2001-06-04

Harvard Law prof Mary Ann Glendon has written a fine book on a theme near and dear to my heart: the joys of the common law and the need to return to it. It's been described as a bit short on solutions, but perhaps those critics don't know that common law generates solutions as it goes.

This book is in some ways a "prequel" to Deborah Rhode's excellent _In the Interests of Justice_. I highly recommend that anyone interested in one of them get the other one too.

Glendon, also the author of _Rights Talk_, includes some nice treats in this work. For one thing, there's a lot of gentle debunking of the view that law practice ever enjoyed a "golden age." Glendon has a keen awareness of the fact that this "golden age" was in fact an age of rich white people's old-boys clubs and the much-vaunted "professionalism" of the period had the effect (not entirely unintended) of keeping racial and religious minorities, as well as women, out of the profession altogether (or at least driving them into the less prestigious areas of the law).

She also has some important words on the (related) hypocrisy of the legal profession's opposition to "commercialism." Her own view is that genuine commercialism carries with it a commitment to honesty and fairness; the predominant view among the bar associations, at least, seems to be that when you're acting "commercially," anything goes. Those of us who want the legal profession to act professional would do well to heed Glendon here and stop denouncing the market for the sins of those who don't understand it.

There are also some engaging reminiscences about the late great Karl Llewellyn, one of the most prominent legal scholars of the twentieth century and chief architect of the Uniform Commercial Code. Glendon infects the reader, as she herself was infected, with Llewellyn's love of the common-law tradition and the power of judge-made law.

Nor have I exhausted everything this book has to offer. Suffice it to say, by way of conclusion, that Glendon turns in a nice analysis of the changes the legal profession has undergone over the last few decades.

A fine book all around, then -- and incidentally a nice companion to Philip Howard's _The Death of Common Sense_. Howard, too, would like to see a move away from the hyperregulatory state and toward the empowerment of the common-law judge; Glendon's book is complementary to his in some ways. Readers of one will probably enjoy the other.

A lodestar for a lost profession.......2000-08-23

Prof. Glendon provides a fresh look at the crisis of faith in the legal community through a survey of the recent history of the bar, the bench and the academy. "A Nation Under Lawyers" urges lawyers, judges and law professors alike to examine their consciences and try to appreciate the beauty of the lawyer's craft and the common law. Though the common law tradition is not perfect, Prof. Glendon suggests that it is the combined experience, understanding and judgment of many generations of jurists. Activist judges, critical legal theorists and disheartened practitioners would all do well to heed Prof. Glendon's words and find new heart in the never-ending work of building a stronger common law tradition. Written in a manner accessible to attorneys and non-attorneys alike, "A Nation Under Lawyers" provides a solid survey of recent academic and legal debates for every reader, but is especially helpful -- indeed, essential -- to every student contemplating a life in the law.

A Nation Under Lawyers: How the Crisis in the Legal Profession Is Transforming American Society. (book reviews): An article from: Defense Counsel Journal

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A Nation Under Lawyers: How the Crisis in the Legal Profession Is Transforming American Society. (book reviews): An article from: Defense Counsel Journal
William A. Wick
Manufacturer: International Association of Defense Counsels
ProductGroup: Book
Binding: Digital

Book Description

This digital document is an article from Defense Counsel Journal, published by International Association of Defense Counsels on January 1, 1996. The length of the article is 6538 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: A Nation Under Lawyers: How the Crisis in the Legal Profession Is Transforming American Society. (book reviews)
Author: William A. Wick
Publication: Defense Counsel Journal (Refereed)
Date: January 1, 1996
Publisher: International Association of Defense Counsels
Volume: 63 Issue: n1 Page: 133-140

Article Type: Book Review

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A Nation Under Lawyers: How the Crisis in the Legal Profession is Transforming American Society. (book reviews): An article from: Michigan Law Review

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A Nation Under Lawyers: How the Crisis in the Legal Profession is Transforming American Society. (book reviews): An article from: Michigan Law Review
Geoffrey C., Jr. Hazard
Manufacturer: Michigan Law Review Association
ProductGroup: Book
Binding: Digital

Book Description

This digital document is an article from Michigan Law Review, published by Michigan Law Review Association on May 1, 1995. The length of the article is 3240 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: A Nation Under Lawyers: How the Crisis in the Legal Profession is Transforming American Society. (book reviews)
Author: Geoffrey C., Jr. Hazard
Publication: Michigan Law Review (Refereed)
Date: May 1, 1995
Publisher: Michigan Law Review Association
Volume: 93 Issue: n6 Page: 1196-1203

Article Type: Book Review

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A Nation Under Lawyers: How the Crisis in the Legal Profession Is Transforming American Society. (book reviews): An article from: Trial

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A Nation Under Lawyers: How the Crisis in the Legal Profession Is Transforming American Society. (book reviews): An article from: Trial
Jeffrey White
Manufacturer: Association of Trial Lawyers of America
ProductGroup: Book
Binding: Digital

Book Description

This digital document is an article from Trial, published by Association of Trial Lawyers of America on December 1, 1995. The length of the article is 1447 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: A Nation Under Lawyers: How the Crisis in the Legal Profession Is Transforming American Society. (book reviews)
Author: Jeffrey White
Publication: Trial (Magazine/Journal)
Date: December 1, 1995
Publisher: Association of Trial Lawyers of America
Volume: 31 Issue: n12 Page: 54(2)

Article Type: Book Review

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Nation Under Lawyers: How the Crisis in the Legal Profession is.

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Nation Under Lawyers: How the Crisis in the Legal Profession is.

ProductGroup: Book
Binding: Paperback
ASIN: B000ICODTE

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Nation Under Lawyers: How the Crisis in the Legal Profession is.
Mary Ann Glendon
Manufacturer: Glendon, Mary Ann. A Nation Under Lawyers: How the Crisis in the Legal Profession is Transforming American Society. Harvard University Press, 1994 (1996). Quality paperback. 331pp. Fine condition.
ProductGroup: Book
Binding: Paperback
ASIN: B000RZ2LM8

A Nation Under Lawyers; how the crisis in the legal profession is transforming American Society.

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A Nation Under Lawyers; how the crisis in the legal profession is transforming American Society.
Mary Ann Glendon
Manufacturer: Farrar Straus & Giroux (T)
ProductGroup: Book
Binding: Paperback
ASIN: B000OXH7JK

Book Description

This digital document is an article from Atlantic Economic Journal, published by Atlantic Economic Society on December 1, 1993. The length of the article is 432 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The relationship between birth rates and per capita income and birth rates and structural transformation of 63 developing countries were analyzed. Countries with the lowest GDP per capita exhibited the highest birth rates while countries with highest GDP per capita had the lowest birth rates. Results indicate that the standards of living is directly related to the size of families. Instead of emphasizing the need to limit family size, the government should focus on measures that would improve per capita income.

Citation Details
Title: Birth rates, economic growth, and structural transformation in LDCs. (developing countries)
Author: Rupert Rhodd
Publication: Atlantic Economic Journal (Refereed)
Date: December 1, 1993
Publisher: Atlantic Economic Society
Volume: v21 Issue: n4 Page: p88(1)

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GROWTH AND STRUCTURAL TRANSFORMATION

Manufacturer: Harvard University Press Cambridge, Ma
ProductGroup: Book
Binding: Hardcover
ASIN: B000IAFE5S

Growth, structural transformation and consumption behavior: Evidence from Asia (Discussion paper : report)

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Growth, structural transformation and consumption behavior: Evidence from Asia (Discussion paper : report)
J. Malcolm Dowling
Manufacturer: Development Research Dept., Economics and Research Staff, World Bank
ProductGroup: Book
Binding: Unknown Binding

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ASIN: B00070ZKLC

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