Relational Contracts and the Nature of Market Interactions
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چکیده
منابع مشابه
Relational Contracts and the Nature of Market Interactions By
We provide evidence that long-term relationships between trading parties emerge endogenously in the absence of third party enforcement of contracts and are associated with a fundamental change in the nature of market interactions. Without third party enforcement, the vast majority of trades are initiated with private offers and the parties share the gains from trade equally. Low effort or bad q...
متن کاملRelational Contracts and the Nature of Market Interactions
We provide evidence that long-term relationships between trading parties emerge endogenously in the absence of third party enforcement of contracts and are associated with a fundamental change in the nature of market interactions. Without third party enforcement, the vast majority of trades are initiated with private offers and the parties share the gains from trade equally. Low effort or bad q...
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We provide experimental evidence that contractual incompleteness, i.e., the absence of third party enforcement of workers’ effort or the quality of the good traded, causes a fundamental change in the nature of market interactions. If contracts are complete the vast majority of trades are initiated by public offers. Most trades take place in one-shot transactions and the contracting parties are ...
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ژورنال
عنوان ژورنال: Econometrica
سال: 2004
ISSN: 0012-9682,1468-0262
DOI: 10.1111/j.1468-0262.2004.00511.x