Contractual Holdup and Legal Intervention S. Shavell 3/5/08 Contracts, Holdup, and Legal Intervention
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Contractual Holdup and Legal Intervention
This article develops the point that incentive and risk-bearing problems associated with contractual holdup may justify legal intervention. Contractual holdup is considered both for fresh contracts and for modifications of contracts. One type of legal intervention is flat voiding of contracts. Such intervention tends to be advantageous when holdup situations are engineered. Another type of inte...
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T complexity and scope of outsourced information technology (IT) demands relationship-specific investments from vendors, which, when combined with contract incompleteness, may result in underinvestment and inefficient bargaining, referred to as the holdup problem. Using a unique data set of over 100 IT outsourcing contracts, we examine whether contract extensiveness, i.e., the extent to which f...
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An important theme of modern contract theory is the role contracts play to protect parties from the risk of holdup and thereby encouraging their relationship specific investments. While this perspective has generated valuable insights about various contracts, the underlying models abstract from realistic investment dynamics. We reexamine the role of contracts in a dynamic model that endogenizes...
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Fiscal regime of upstream oil and gas contracts is a crucial instrument that impacts sharing of revenue generated from petroleum project between host governments and oil company contractors. This regime consists of a variety of fiscal instruments and mechanisms, some of which have a legal and some others a contractual basis. The most important legal instrument is project income taxation that i...
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تاریخ انتشار 2005