Economics Dictionary of ArgumentsHome
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| Contracts: Contracts are legally enforceable agreements between two or more parties that create mutual obligations. It is a promise to do or not do something. The terms of a contract must be agreed upon by both parties. See also Contract theory._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Ronald Coase on Contracts - Dictionary of Arguments
Kiesling I 12 Contracts/Coase/Kiesling: As an alternative to integration into a firm, Coase pointed out that long-term contracts can avoid some transaction costs and can be attractive to risk-averse parties - but they still have the risks associated with imperfect foresight and forecasting. >Transcation costs/Coase, >Firms/Coase. Thus, contracts are necessarily incomplete and cannot cover every possible circumstance that could arise in a production relationship._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Coase, Ronald | ||
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