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Contractual Enforcement Institutions and the Structure of Information

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Author Info
Avery W. Katz
Abstract

Many economic writers on contract theory have assumed that legal institutions are simply unable to do the job of enforcement, and have thus attempted to devise arrangements that motivate the parties to keep their commitments even though a government tribunal would be unable to tell whether they had performed. But non-legal enforcement mechanisms operate both as substitutes and complements for legal mechanisms (and as substitutes and complements for each other). This essay sketches how parties should choose among available enforcement mechanisms, based on the costs of information and other transaction costs.

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Publisher Info
Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

Volume (Year): 164 (2008)
Issue (Month): 1 (March)
Pages: 134-154
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Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200803)164:1_134:ceiats_2.0.tx_2-

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Find related papers by JEL classification:
D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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This page was last updated on 2009-12-10.

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