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Benjamin Klein's Contributions to Law and EconomicsJoshua D. WrightGeorge Mason University School of Law 2008 PIONEERS OF LAW AND ECONOMICS, Lloyd R. Cohen, Joshua D. Wright, eds., Edward Elgar Publishing, 2009 George Mason Law & Economics Research Paper No. 08-31 Abstract: This chapter in the book PIONEERS OF LAW AND ECONOMICS explores the contributions of Benjamin Klein to law and economics. I explore the intellectual foundations of Klein's pioneering analysis of the hold-up problem, the theory of the firm, vertical restraints, franchising, and the role of contract terms in facilitating self-enforcement of contractual relationships. I also discuss the significant influence of Klein's work on antitrust law, as well as its implications for contract interpretation. Klein's pioneering work over the past 30 years has not only provided us with a much greater understanding of contractual arrangements, but also a model for law and economics scholars and economists interested in explaining real world phenomenon rather than merely producing blackboard insights.
Number of Pages in PDF File: 47 Keywords: antitrust, asset specificity, contract interpretation, contract theory, franchising, hold-up, industrial organization, theory of the firm, vertical restraints JEL Classification: D23, D86, K00, K12, K21, L14, L42 Accepted Paper SeriesDate posted: June 12, 2008 ; Last revised: November 4, 2009Suggested CitationContact Information
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