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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

Abstract:
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.

JEL Classifications: D23, K12, D82

Working Paper Series

Date posted: January 01, 1999 ; Last revised: September 12, 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 doi:10.2139/ssrn.142933

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Contact Information

Scott E. Masten (Contact Author)

University of Michigan - Stephen M. Ross School of Business ( email )

701 Tappan Street
Ann Arbor, MI 48109
United States
734-764-1389 (Phone)
815-572-8207 (Fax)