This paper explains frequently observed coexistence of deficient property rights and heavy bureaucracies. We suggest that there is a specific role for bureaucracies in environments with insure property rights. In such situations, bureaucracies substitute for enforceable contracts. We study irreversible investment in an asset over which property rights are unclear, and model the property rights ...

A contract where the agent is compensated ex post only upon satisfactory performance, often called a no-cureno-pay contract, can arise as under several circumstances. In this paper, we model the problem of contractual choice as a principal-agent contract which is modified due to hidden information about the competence of the agent to fulfill the obligations of the contract. The agent offers a c...

In this paper, we present work in progress on the Electronic Contract Framework (ECF), an agent-based framework for the automation of contractual relationships. Electronic contracts are the cornerstone of this framework and contractual agents manipulate these abstractions to specify business relationships and to automate their execution. We first define the concepts and the formalism used to mo...

In this paper, we present work in progress on the Electronic Contract Framework, an agent-based framework for the automation of contractual relationships. Electronic contracts are the cornerstone of this framework and contractual agents manipulate these abstractions to specify business relationships and to automate their execution. We first define the concepts and the formalism used to model el...

The subject of the study is aspects institute culpa in contrahendo, embodied novels Gc 2015. main purpose to demonstrate significance correlation will and parties (the object study) determining pre-contractual liability (PO) cases where contract remains valid; an appropriate legal technique given explain restoration situation accordance with concept desired agreement, understood as a coincidenc...

Building projects with private ownerss have high level of payment issues (late payment, underpayment, or non-payment). The purpose this study is to develop a risk-based contract management strategy avoid late from contractors. research data consisted literature reviews, questionnaires, and qualitative risk analyses. analyses identified 10 highest risks as the dominant factors 37 variables. resp...

This paper studies a manufacturer that sells to a newsvendor retailer who can improve the quality of her demand information by exerting costly forecasting effort. In such a setting, contracts play two roles: providing incentives to influence the retailer's forecasting decision, and eliciting information obtained by forecasting to inform production decisions. We focus on two forms of contracts t...