A mathematical characterization of self-enforcing bilateral contracts is given. Contracts where both parties exercise some control over the quantity traded can sometimes be superior to contracts that rest control entirely with one side. Some qualitative characteristics of these contracts are given.
|Date of creation:||1983|
|Date of revision:|
|Publication status:||Published in Journal of Mathematical Economics|
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- M. L. Weitzman, 1973.
"Prices vs. Quantities,"
106, Massachusetts Institute of Technology (MIT), Department of Economics.
- Spence, Michael, 1977. "Nonlinear prices and welfare," Journal of Public Economics, Elsevier, vol. 8(1), pages 1-18, August.
- Laffont, Jean-Jacques & Maskin, Eric, 1980. "A Differential Approach to Dominant Strategy Mechanisms," Econometrica, Econometric Society, vol. 48(6), pages 1507-20, September.
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