Special Issue "Contract Theory"

Guest Editor
Dr. Tim Worrall
School of Economics, The University of Edinbergh, 31 Buccleuch Place, Edinburgh EH8 9JT, UK
Website: http://www.ed.ac.uk/schools-departments/economics/people/academic-staff/tim-worrall
E-Mail: Tim.Worrall@ed.ac.uk
Phone: +44 131 651 5128
Interests: game theory and bargaining theory; market structure and pricing; information and uncertainty; intertemporal choice and growth; consumption, saving, production, employment and investment; financial markets; corporate finance and governance; regulation and industrial policy

Dear Colleagues,

Contract Theory may be regarded as a subset of Game Theory where one agent can make a take-it-or-leave-it offer to the other parties in the game. Contract theory therefore, could be viewed as a refinement that characterises one, or a set of, constrained efficient equilibria. Contract Theory is useful in understanding relationships between trading partners, institutions and organisations when agents have conflicting objectives. It has become an essential component of understanding any exchange where trade is not simultaneous, for example, insurance or credit. Important topics for future research in contract theory include: financial contracting and its role in the credit crisis; the implications of enforcement constraints on contractual dynamics; the inclusion of behavioural elements in contracting and the interaction of formal and informal contracts; understanding the general equilibrium effects of contractual design. This special issue is intended to reflect the richness and variety of contract theory. Among the general topics of research to be considered are:
1) Relational contracts
2) Incomplete contracts
3) Limited enforcement
4) Financial and credit contracts

Dr. Tim Worrall
Guest Editor

Submission

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• incomplete contracts
• moral hazard
• adverse selection
• non-verifiability
• limited commitment
• reference points
• relational contracts