Economic Analysis of Contract Law Incomplete Contracts and Asymmetri
This book examines the main issues arising in economic analysis of contract law with special attention given to the incomplete contracts. It discusses both the main features of contract law as they relate to the problem of economic exchange, and how
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Sugata Bag
Economic Analysis of Contract Law
Sugata Bag
Economic Analysis of Contract Law Incomplete Contracts and Asymmetric Information
Sugata Bag Department of Economics Delhi School of Economics Delhi, India
ISBN 978-3-319-65267-2 DOI 10.1007/978-3-319-65268-9
ISBN 978-3-319-65268-9 (eBook)
Library of Congress Control Number: 2017955278 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: Semenenko Stanislav / Alamy Stock Photo. Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
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Preface
The economic analysis of Contract Law is a specialised branch of Law and Economics. It is essentially a synthesis of two distinct but well-established branches—Theories of Contract and Economics of Contract Law. Due to specialisation, these two fields have developed relatively independent from each other over the years, especially in that Contract Economics relies on a simplified notion of the role of law (both legislation and courts) and Law and Economics scholarship focuses on the role of courts and legal doctrine, sometimes at the expense of what parties do out of court. This book tries to make a meaningful contribution to both fields by reconnecting them. Of late, most law schools and Economics departments offer courses in Law and Economics at both under-graduate and post-graduate level. Economic Analysis of Contract Law is taught as a small part of Law and Economics at a very rudimentary level. A stand-alone course on the Economics of Contract law is rare. The majority of the texts available for this purpose cover the entire gamut of Law and Economics. This book attempts to
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