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Oliver Hart and Bengt Holmström: Contract Theory

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    An eternal obstacle to human cooperation is that people have di§erent interests. In modern societies, conflicts of interests are often mitigated -- if not completely resolved -- by contractual arrangements. Well-designed contracts provide incentives for the contracting parties to exploit the prospective gains from cooperation. For example, labor contracts include pay and promotion conditions that are designed to retain and motivate employees; insurance contracts combine the sharing of risk with deductibles and co-payments to encourage clients to exercise caution; credit contracts specify payments and decision rights aimed at protecting the lender, while encouraging sound decisions by borrowers.

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    Paper provided by Nobel Prize Committee in its series Nobel Prize in Economics documents with number 2016-1.

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    Length: 49 pages
    Date of creation: 10 Oct 2016
    Handle: RePEc:ris:nobelp:2016_001
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