Article ID Journal Published Year Pages File Type
5059961 Economics Letters 2013 5 Pages PDF
Abstract
► Show that parties, no matter how impatient, write formal contracts that they would not honor if they were to play only once. ► Provide a framework for assessing the welfare consequences of improvements in the legal system. ► Show that legal system improvement can have ambiguous and even non-monotonic effects on welfare.
Keywords
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
Preview
The relational underpinnings of formal contracting and the welfare consequences of legal system improvement
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