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Contractual Choice

Scott E. Masten

University of Michigan, Stephen M. Ross School of Business

August 1998

University of Michigan Law School, Working Paper No. 99-003

This entry discusses alternative theories of contract choice and design with special emphasis on (i) the interaction between contract design and contract enforcement and (ii) the explanatory power of alternative theories. After discussing the primary functions of contract, the entry reviews the assumptions and implications for contract design of the three dominant approaches to contracting in economics. An overview of the empirical literature on contracting and contractual choice identifies the main empirical regularities and their relation to the theory. A final section addresses implications for contract law and enforcement and directions for future research.

Number of Pages in PDF File: 27

JEL Classification: D23, K12, D82

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Date posted: January 1, 1999  

Suggested Citation

Masten, Scott E., Contractual Choice (August 1998). University of Michigan Law School, Working Paper No. 99-003. Available at SSRN: http://ssrn.com/abstract=142933 or http://dx.doi.org/10.2139/ssrn.142933

Contact Information

Scott E. Masten (Contact Author)
University of Michigan, Stephen M. Ross School of Business ( email )
701 Tappan Street
Ann Arbor, MI MI 48109
United States
734-764-1389 (Phone)
815-572-8207 (Fax)
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