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Relational Contracting: Complementarities with Behavioral and Experimental Economics

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  • David Huffman

Abstract

This paper argues that experimental and behavioral economics complement traditional approaches to studying relational contracting, for two reasons. First, experiments have advantages in identifying core elements of relational contracting theory, despite limitations. Second, insights from experimental and behavioral economics suggest ways to expand or modify standard assumptions of relational contracting. The paper highlights studies illustrating these complementarities, including one testing predictions on involuntary unemployment through laboratory experiments. Another set of studies explores the benefits of social group membership in fostering successful relationships.

Suggested Citation

  • David Huffman, 2023. "Relational Contracting: Complementarities with Behavioral and Experimental Economics," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 179(3-4), pages 701-717.
    • Handle: RePEc:mhr:jinste:urn:doi:10.1628/jite-2023-0049
    DOI: 10.1628/jite-2023-0049
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    More about this item

    Keywords

    relational contracting; contractual incompleteness; social groups; complexity; relationalcontracting; contractualincompleteness; socialgroups;
    All these keywords.

    JEL classification:

    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
    • D9 - Microeconomics - - Micro-Based Behavioral Economics

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