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The Economics of Contracting

In: Contracting in the New Economy

Author

Listed:
  • David Frydlinger

    (Cirio Law Firm)

  • Kate Vitasek

    (University of Tennessee at Knoxville)

  • Jim Bergman

    (Commercial Officers Group, Inc)

  • Tim Cummins

    (World Commerce & Contracting)

Abstract

This chapter, The Economics of Contracting, introduces Nobel Prize-winning economic research that cannot be ignored in today’s dynamic and risky contracting environment and goes to the heart of the economic rationale that underpins every contract. Economics is a key factor in any contracting model, and relational contracting deserves to be addressed through at least three key theories. These three key theories focus on the economic side of contracting with different perspectives, and include contract theory, new institutional economics, and repeated game theory. Each of these three theories brings critical insights into the science of contracting, but none provides a complete understanding. The research and theories of big thinkers such as Oliver Hart, Oliver Williamson, and Douglass North contain essential learnings for anyone drafting contracts in the new economy.

Suggested Citation

  • David Frydlinger & Kate Vitasek & Jim Bergman & Tim Cummins, 2021. "The Economics of Contracting," Springer Books, in: Contracting in the New Economy, edition 1, chapter 0, pages 55-69, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65099-5_5
    DOI: 10.1007/978-3-030-65099-5_5
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