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Agency Theory: Methodology, Analysis

Stremitzer, Alexander

Agency Theory: Methodology, Analysis

A Structured Approach to Writing Contracts

Series: Forschungsergebnisse der Wirtschaftsuniversität Wien - Volume 3

Year of Publication: 2005

Frankfurt am Main, Berlin, Bern, Bruxelles, New York, Oxford, Wien, 2005. XXVIII, 213 pp., 10 fig.
ISBN 978-3-631-52973-7 pb.  (Softcover)

Weight: 0.320 kg, 0.705 lbs

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Discipline

Book synopsis

Designing a contract is often more of an economic than a legal problem. A good contract protects parties against opportunistic behavior while providing motivation to cooperate. This is where economics and, especially contract theory, may prove helpful by enhancing our understanding of incentive issues. The purpose of this book is to provide specific tools which will help to write better contracts in real world environments. Concentrating on moral hazard literature, this book derives a tentative checklist for drafting contracts. As an economic contribution to a field traditionally considered an art rather than a science, this treatment also gives much attention to methodological issues.

Contents

Contents: Classic Risk-Incentive Trade-off – Risk Sharing – Error in Judgement – Bankruptcy Constraints – Transaction Costs – Distortion – Bonding – Dynamic Extensions – Income Smoothing – Reputation Effects – Career Concerns – Epistemological Issues – Sceptical Tradition – Value of Axiomatic Approaches – Methodological Individualism – Methodology of Contract Theory – Checklist for Drafting Contracts – Programmatic Outlook.

About the author(s)/editor(s)

The Author: Alexander Stremitzer, born in 1974. From 1994 to 2000 education in Business Administration, Law and Philosophy in Vienna and Paris. Experience in Consulting and Legislative Lobbying. Ph.D. 2003, currently Assistant Professor at the University of Bonn, Economics Department.

Series

Forschungsergebnisse der Wirtschaftsuniversität Wien. Bd. 3
Herausgegeben von Barbara Sporn