Language and contract
Article Abstract:
Law and language are key elements of societies and they can be linked through the notion of standardized contracts. The end of communism in eastern Europe has mean that creating contracts has become a major political challenge. Europe, in its new, unified form, will need coherent legal standards. This is especially if there is no common language for a new political body. The relative weight given to market, judicial and statutory action is a key issue in forming these standards.
Publication Name: Journal of Institutional & Theoretical Economics
Subject: Economics
ISSN: 0932-4569
Year: 1998
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Mutual monitoring and best agency contracts
Article Abstract:
Mutual monitoring is a useful benefit of teams replacing agents acting as individuals. Peer review may be used by accounting firms, and manufacturing companies may also use team work. The success of such monitoring depends on truthful reporting. It is possible for truthful reporting to be carried out with virtually no cost or even no cost at all given certain conditions. The signal that one agent observes should not relate to that agent's optimal compensation.
Publication Name: Journal of Institutional & Theoretical Economics
Subject: Economics
ISSN: 0932-4569
Year: 1997
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On the existnce of care equilibria under tort law
Article Abstract:
Nash care equilibria may not be present with tort law. This applies to liability cases where there is contributory negligence, but could also be applicable for other tort law regimes. Tort law institutions themselves give rise to this problem of non-existence. Care equilibria are shown to be Pareto optimal only under specific circumstances. Where accidents occur between stangers, the study shows that equilibria tend not to be Pareto optimal.
Publication Name: Journal of Institutional & Theoretical Economics
Subject: Economics
ISSN: 0932-4569
Year: 1995
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