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Firms, Contracts, and Financial Structure

Oliver Hart

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198288817
eISBN:
9780191596353
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198288816.001.0001
Subject:
Economics and Finance, Financial Economics

This book provides a framework for thinking about economic relationships and institutions such as firms. The basic argument is that in a world of incomplete contracts, institutional arrangements are ... More


The impact of Rules of Origin on strategic outsourcing: an IO perspective

Olivier Cadot, Antoni Estevadeordal, Akiko Suwa-Eisenmann, and Thierry Verdier

in The Origin of Goods: Rules of Origin in Regional Trade Agreements

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199290482
eISBN:
9780191603471
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199290482.003.0003
Subject:
Economics and Finance, International

This chapter considers the impact of Rules of Origins (ROOs) on two aspects of the international production fragmentation process. First, in an imperfect competitive environment with ‘strategic ... More


Formal Approaches

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0009
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter discusses advances in formal economic theory by examining how different positions among economists arise from their different assumptions and models. The discussion focuses on ways in ... More


Delegation of Powers and the Fiduciary Principle

Giandomenico Majone

in Dilemmas of European Integration: The Ambiguities and Pitfalls of Integration by Stealth

Published in print:
2005
Published Online:
February 2006
ISBN:
9780199274307
eISBN:
9780191603310
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199274304.003.0004
Subject:
Political Science, European Union

Broad delegation of powers to supranational institutions is a distinctive feature of the Community method. Broad delegation presupposes a fiduciary relation, hence, the progressive erosion of the ... More


A Discussion of the Foundations of the Incomplete Contracting Model

Oliver Hart

in Firms, Contracts, and Financial Structure

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198288817
eISBN:
9780191596353
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288816.003.0005
Subject:
Economics and Finance, Financial Economics

Discusses the foundations of the incomplete contracting model used in the previous chapters. The first part of the chapter examines the hold‐up problem in more detail. The author considers some ... More


Established Theories of the Firm

Oliver Hart

in Firms, Contracts, and Financial Structure

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198288817
eISBN:
9780191596353
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288816.003.0002
Subject:
Economics and Finance, Financial Economics

Discusses why neither neoclassical nor principal‐agent theories can satisfactorily explain a long‐standing issue in organization theory: the determinants of the boundaries of the firm. The final ... More


Theories of Financial Contracting and Debt

Oliver Hart

in Firms, Contracts, and Financial Structure

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198288817
eISBN:
9780191596353
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288816.003.0006
Subject:
Economics and Finance, Financial Economics

Studies the optimal financial contract written by a wealth‐constrained entrepreneur who raises funds from an outside investor to purchase an asset. The models presented assume that the entrepreneur ... More


The Property Rights Approach

Oliver Hart

in Firms, Contracts, and Financial Structure

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198288817
eISBN:
9780191596353
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288816.003.0003
Subject:
Economics and Finance, Financial Economics

The neoclassical, principal‐agent and transaction costs theories cannot by themselves explain firm boundaries. This chapter describes a theory—the incomplete contracting or property rights ... More


The Employment Relationship

David Marsden

in A Theory of Employment Systems: Micro-Foundations of Societal Diversity

Published in print:
1999
Published Online:
November 2003
ISBN:
9780198294221
eISBN:
9780191596612
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198294220.003.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

The employment relationship is flexible because it is open‐ended or ‘incomplete’, but no workers would agree to be become employees unless there were some agreement over the limits to which managers ... More


The Economic Theory of Privatization

BERNARDO BORTOLOTTI DOMENICO SINISCALCO

in The Challenges of Privatization: An International Analysis

Published in print:
2004
Published Online:
April 2004
ISBN:
9780199249343
eISBN:
9780191600845
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199249342.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter presents a concise survey of the economic literature of privatization providing the theoretical backing for the empirical analyses carried out in the book. The chapter shows why private ... More


The Use and Abuse of Historical Narrative: Debates over Incomplete Contracts

in Calculating Promises: The Emergence of Modern American Contract Doctrine

Published in print:
2006
Published Online:
June 2013
ISBN:
9780804753982
eISBN:
9780804768054
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804753982.003.0011
Subject:
Law, Legal History

The debate over incomplete contracts pits two sides (dubbed right and left poles), both of which rely on a common historical narrative to generate opposing normative conclusions. This historical ... More


Framing Incomplete Contracts

in Calculating Promises: The Emergence of Modern American Contract Doctrine

Published in print:
2006
Published Online:
June 2013
ISBN:
9780804753982
eISBN:
9780804768054
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804753982.003.0010
Subject:
Law, Legal History

Incomplete contracts and the implication of terms in contract disputes are the subjects of a considerable debate in legal scholarship and judicial opinion. This debate plays an indirect role in a ... More


The Impact of Incomplete Contracts on Economics

Philippe Aghion, Mathias Dewatripont, Patrick Legros, and Luigi Zingales (eds)

Published in print:
2016
Published Online:
January 2016
ISBN:
9780199826223
eISBN:
9780190259020
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199826223.001.0001
Subject:
Economics and Finance, Public and Welfare

The 1986 article by Grossman and Hart, “A Theory of Vertical and Lateral Integration,” has provided a framework for understanding how firm boundaries are defined and how they affect economic ... More


Calculating Promises: The Emergence of Modern American Contract Doctrine

Roy Kreitner

Published in print:
2006
Published Online:
June 2013
ISBN:
9780804753982
eISBN:
9780804768054
Item type:
book
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804753982.001.0001
Subject:
Law, Legal History

This book is a history of contract law in the United States around the turn of the twentieth century. It details shifts in our conception of contract by juxtaposing scholarly accounts of contract ... More


Introduction: The Imagined Individual at the Borders of Contract

in Calculating Promises: The Emergence of Modern American Contract Doctrine

Published in print:
2006
Published Online:
June 2013
ISBN:
9780804753982
eISBN:
9780804768054
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804753982.003.0001
Subject:
Law, Legal History

This book traces the history of contract and contract law in the United States. It challenges conventional wisdom that our current conception of contract is the result of gradual, piecemeal ... More


Unbundling Sovereign Rights through Incomplete Contracting: Empowering European Transnational Networks beyond the State

Hendrik Spruyt

in Reconfiguring European States in Crisis

Published in print:
2017
Published Online:
March 2017
ISBN:
9780198793373
eISBN:
9780191835209
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198793373.003.0005
Subject:
Political Science, Comparative Politics

This chapter contends that sovereignty should be conceived as a bundle of rights. Within this bundle of rights the final locus of jurisdiction is critical. Indeed, it is that very criterion that ... More


Evaluating the Frame of Incompleteness Discourse

in Calculating Promises: The Emergence of Modern American Contract Doctrine

Published in print:
2006
Published Online:
June 2013
ISBN:
9780804753982
eISBN:
9780804768054
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804753982.003.0012
Subject:
Law, Legal History

The two opposing sides in the debate over incomplete contracts both rely on a flawed historical narrative. This flaw is evident in the work of judges in implying contractual obligations. Implication ... More


Comment on Pol Antràs: “Grossman-Hart (1986) Goes Global: Incomplete Contracts, Property Rights, and the International Organization of Production”

Elhanan Helpman

in The Impact of Incomplete Contracts on Economics

Published in print:
2016
Published Online:
January 2016
ISBN:
9780199826223
eISBN:
9780190259020
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199826223.003.0022
Subject:
Economics and Finance, Public and Welfare

This chapter discusses the previous chapter. It explains why that chapter’s introduction of incomplete contracts in trade, together with Melitz’s theory of heterogeneity have provided a significant ... More


Comments on the Foundations of Incomplete Contracts

John Moore

in The Impact of Incomplete Contracts on Economics

Published in print:
2016
Published Online:
January 2016
ISBN:
9780199826223
eISBN:
9780190259020
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199826223.003.0031
Subject:
Economics and Finance, Public and Welfare

The chapter analyzes the different attempts made in the literature to provide foundations for incomplete contracting, and why it is difficult to overturn the power of mechanisms. It concludes that ... More


The Merchant Who Would Not Be King: Unreasoned Fears about Private Lawmaking

Gilles Cuniberti

in Private International Law and Global Governance

Published in print:
2014
Published Online:
March 2015
ISBN:
9780198727620
eISBN:
9780191793684
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198727620.003.0008
Subject:
Law, Private International Law, Constitutional and Administrative Law

Private powers increasingly legislate for themselves, and one could fear that the autonomy that they gain as a consequence might be misused. While the breadth of the production of private norms ... More


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