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Empirical Relevance of Efficient Contract Theory: Inter-firm Contracts

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  • Lyons, Bruce R
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    Abstract

    Although there has been enormous development of the theory of efficient contracts in the last 20 years, empirical tests were slow to come. However, over the last 10 years, a considerable body of evidence has accumulated, particularly in relation to contracts between firms. This paper develops a simple, integrated theoretical framework to illustrate 11 testable hypotheses. The contract theories covered include risksharing, principal-agent incentive models, transaction cost and incomplete contract models with specific investment, and the theory of relational contracting. The problems associated with empirical work on contracts are discussed before setting the hypotheses against a wide range of econometric and other empirical evidence (including work on franchising, sharecropping, subcontracting, contract duration, private institutions, experimental evidence, and a wide range of case studies). Copyright 1996 by Oxford University Press.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

    Volume (Year): 12 (1996)
    Issue (Month): 4 (Winter)
    Pages: 27-52

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    Handle: RePEc:oup:oxford:v:12:y:1996:i:4:p:27-52

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    Web page: http://oxrep.oupjournals.org/

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    Cited by:
    1. Frank Bickenbach & Lars Kumkar & Rüdiger Soltwedel, 1999. "The New Institutional Economics of Antitrust and Regulation," Kiel Working Papers 961, Kiel Institute for the World Economy.
    2. Szabó G., Gábor & Bárdos, Krisztina, 2007. "Szerződéses kapcsolatok az élelmiszer-gazdaságban. A tejellátási lánc empirikus kutatása
      [Contract relations in the food economy. Empirical research into the milk-market supply channel]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 459-480.
    3. Oliver E. Williamson, 2002. "The Theory of the Firm as Governance Structure: From Choice to Contract," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 171-195, Summer.
    4. Francine Lafontaine & Kathryn L. Shaw, 2005. "Targeting Managerial Control: Evidence from Franchising," RAND Journal of Economics, The RAND Corporation, vol. 36(1), pages 131-150, Spring.
    5. Steven Globerman & Aidan Vining, 2004. "The Outsourcing Decision: A Strategic Framework," International Trade 0404007, EconWPA.

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