Endogenous Transaction Costs and Theory of Contract, Ownership, and Residual Rights

Xiaokai Yang and Wai-Man Liu
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Wai-Man Liu: University of New South Wales, Australia

Chapter 8 in Inframarginal Economics, 2008, pp 205-236 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:Endogenous Transaction Costs and Moral HazardNeoclassical Principal-Agent ModelsA Smithian General Equilibrium Model of Principal-AgentThe Trade off Between Endogenous Transaction Costs caused by Moral Hazard and Monitoring Cost and Incomplete Labor ContractFurther Reading

Keywords: Inframarginal Economics; Inframarginal Analysis; Division of Labor; Specialization; Network Effects; Smithian Framework; Transaction Costs (search for similar items in EconPapers)
JEL-codes: O30 (search for similar items in EconPapers)
Date: 2008
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