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Contract theory is a branch of law and economics that studies how economic actors construct contractual arrangements, especially in the presence of information asymmetry. It covers topics such as moral hazard, adverse selection, signalling, and optimal schemes of managerial compensation.
AP U.S. History (or APUSH) is a college-level course and exam that covers nine periods of U.S. history from pre-Columbian era to present day. Learn about the course framework, textbooks, exam format, scoring, and controversies of this Advanced Placement program.
Contractualism is a term in philosophy that refers to either a family of political theories in the social contract tradition or to the ethical theory of T. M. Scanlon. Learn about the history and main features of contractualism from various sources and examples.
In economic theory, the principal-agent approach (also called agency theory) is part of the field contract theory. [36] [37] In agency theory, it is typically assumed that complete contracts can be written, an assumption also made in mechanism design theory. Hence, there are no restrictions on the class of feasible contractual arrangements ...
Freedom of contract is the process in which individuals and groups form contracts without government restrictions. Learn about its history, legal implications, and criticisms in the US and the UK.
The social contract is an idea that individuals give up some freedoms to obtain protection and order from the state. Learn about the history, philosophers and variations of this concept in moral and political philosophy.
David Gauthier (1932-2023) was a Canadian philosopher who developed a neo-Hobbesian or contractarian theory of morality. He taught at the University of Toronto and the University of Pittsburgh, and wrote several books on political philosophy, game theory, and practical reasoning.
Relational contract theory was originally developed in the United States by the legal scholars Ian Roderick Macneil and Stewart Macaulay. According to Macneil, the theory offered a response to the so-called "The Death of Contract" school’s nihilistic argument that a contract was not a fit subject for study as a whole; each different type of contract (e.g., sales, employment, negotiable ...