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Hypothesis in microeconomics
Efficient contract theory suggests that in a strong-form efficient market, if a contract exists, then it must be efficient due to survivorship bias. For
Efficient_contract_theory
Economic analysis of contracts
From an economic perspective, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of
Contract_theory
Economic theory that asset prices fully reflect all available information
claimed the efficient markets theory was first proposed by the French mathematician Louis Bachelier in 1900 in his PhD thesis "The Theory of Speculation"
Efficient-market_hypothesis
In legal theory, particularly in law and economics, efficient breach is a voluntary breach of contract and payment of damages by a party who concludes
Efficient_breach
Risk of the actual return being below the expected return
t)=\left(\mathbb {E} [(X-t)^{2}1_{\{X\leq t\}}]\right)^{\frac {1}{2}}} . Efficient contract theory – Hypothesis in microeconomics Financial risk – Any of various
Downside_risk
Unexpected incurred costs in excess of budgeted amounts
risk – Risk of the actual return being below the expected return Efficient contract theory – Hypothesis in microeconomics Escalation of commitment – Human
Cost_overrun
Legally binding document establishing rights and duties between parties
contract theory. Additionally, certain academic schools of thought, such as 'law and economics', focus on questions of transaction cost and 'efficient breach'
Contract
Concept in microeconomics
without making the other person less satisfied. The contract curve is the subset of the Pareto efficient points that could be reached by trading from the
Contract_curve
Systematic approach to estimating the strengths and weaknesses of alternatives
forecasting – Process of making predictions about the economy Efficient contract theory – Hypothesis in microeconomics Guns versus butter model – Macroeconomic
Cost–benefit_analysis
When the actual benefits of a venture are less than the projected or estimated benefits
risk – Risk of the actual return being below the expected return Efficient contract theory – Hypothesis in microeconomics Hiding hand principle – How ignorance
Benefit_shortfall
Mathematical framework for investment risk
typically do not subscribe to Modern Portfolio Theory. One objection is that the MPT relies on the efficient-market hypothesis and uses fluctuations in share
Modern_portfolio_theory
Standardised contract to buy or sell an asset at a future date
(an efficient amount of shares of every individual position within the fund or account can be purchased), the portfolio manager can close the contract and
Futures_contract
Process of making predictions about the economy
dividends). Aladdin (BlackRock) Economic Cycle Research Institute Efficient contract theory Social return on investment Financial forecast Customer demand
Economic_forecasting
Theory of equilibrium between supply and demand
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting
General_equilibrium_theory
Conflict of interest when one person acts on another's behalf
grows. In economic theory, the principal-agent approach (also called agency theory) is part of the field contract theory. In agency theory, it is typically
Principal–agent_problem
Weakly optimal allocation of resources
resources are allocated in the most efficient way possible. In terms of game theory, a strategy profile s is Pareto efficient when there is no other strategy
Pareto_efficiency
Game where groups of players may enforce cooperative behaviour
In game theory, a cooperative or coalitional game is a game with groups of players who form binding "coalitions" with external enforcement of cooperative
Cooperative_game_theory
Card game
Contract bridge, or simply bridge, is a trick-taking card game using a standard 52-card deck. In its basic format, it is played by four players in two
Contract_bridge
Branch of law in the US
Commercial Code adoption English contract law United States tort law Civil Procedure in the United States Contract theory Corbin, A.L. (January 1917). "Offer
United_States_contract_law
Type of contractual promise
option contracts play an important role in the field of contract theory. In particular, Oliver Hart (1995, p. 90) has shown that option contracts can mitigate
Option_contract
Essentially the collateral contracts cannot contradict any element of the main contract nor the rights created by it. A theory sustains that is feasible
Collateral_contract
Form of financial derivative
a contract for difference (CFD) is a financial agreement between two parties, commonly referred to as the "buyer" and the "seller." The contract stipulates
Contract_for_difference
Theory of the processes causing willful human bodily movements
explanation must give an account of both the efficient cause, the agent, and the final cause, the intention. In some theories a desire plus a belief about the means
Action_theory_(philosophy)
Branch of computer science
languages are those constructed to efficiently solve problems in a given domain, or part of such. Compiler theory is the theory of writing compilers (or more
Programming_language_theory
Legal term
Friedrich Carl von Savigny is usually credited with developing the will theory of contract in his work System des heutigen Römischen Rechts (1840). Sir Frederick
Meeting_of_the_minds
Branch of economics
settings. Recent developments in auction theory consider how multiple-object auctions can be performed efficiently. There are traditionally four types of
Auction_theory
view that contract law arose in the actions of assumpsit, and concepts of motive and reliance. Bargain theory is an important part of how contract law is
Australian_contract_law
Method of dispute resolution
arbitration may be mandated by the terms of employment or commercial contracts and may include a waiver of the right to bring a class action claim. Mandatory
Arbitration
Field of economics and game theory
B.; Satterthwaite, Mark A. (1983). "Efficient Mechanisms for Bilateral Trading" (PDF). Journal of Economic Theory. 29 (2): 265–281. doi:10.1016/0022-0531(83)90048-0
Mechanism_design
Impossibility of efficient incentive systems
pp. 351-356. doi:10.1016/j.econlet.2007.02.009 "Explainer: what is contract theory and why it deserved a Nobel Prize". UNSW Sites. Retrieved 2025-04-24
Holmström's_theorem
Libertarian theories of law are a family of approaches that build on the classical liberal and individualist doctrines and treat the protection of individual
Libertarian_theories_of_law
Equitable remedy in contract law
Journal 271 I Macneil, ‘Efficient Breach of Contract: Circles in the Sky’ (1982) 68 Virginia LR 947 Guide to specific performance in property contracts
Specific_performance
Good that is non-excludable and non-rival
economists developed the theory of local public goods with overlapping neighborhoods, or public goods in networks: both their efficient provision, and how much
Public_good
Dispute resolution with assistance of a moderator
The general law of contract applies in the UK accordingly. Procurement mediation occurs in circumstances after creation of the contract where a dispute arises
Mediation
Theorem in economics
tax. Alternatively, it may be efficient to forbid renegotiation. Yet, there are situations in which a ban on contract renegotiation is not desirable
Coase_theorem
Concept in business systems
It can be summarized as the process of systematically and efficiently managing contract creation, execution, and analysis for the purpose of maximizing
Contract_management
Conflict between safety and cooperation
In game theory, the stag hunt (also referred to as the assurance game, trust dilemma or common interest game) describes a situation or game where participants
Stag_hunt
Legal term
1949). Edmund Polubinski, Jr. (1968). "The Peppercorn Theory and the Restatement of Contracts". William & Mary Law Review. 10 (1): 201–211. Valenta,
Peppercorn_(law)
Economic concept
individual, or firm, or country) to produce a goods or service more efficiently than its competitors. The Scottish economist Adam Smith first described
Absolute_advantage
In game theory, the outcome of a game is the ultimate result of a strategic interaction with one or more people, dependant on the choices made by all participants
Outcome_(game_theory)
Study of mathematical knots
In topology, knot theory is the study of mathematical knots. While inspired by knots which appear in daily life, such as those in shoelaces and rope, a
Knot_theory
Situation in which nothing can be improved without something else being hurt
Applications of these principles include: Efficient-market hypothesis Microeconomic reform Production theory basics Welfare economics Business efficiency
Economic_efficiency
Concept in common law as applied in the US
benefit-detriment theory in modern contract theory, but judges often cite both and may use both models in their decisions. These theories usually overlap;
Consideration under American law
Consideration_under_American_law
Damages agreed for a delay in a contract
Just Compensation rule: Some notes on an enforcement model and a theory of efficient breach". Columbia Law Review. 77 (4): 554–594. doi:10.2307/1121823
Liquidated_damages
Academic discipline studying businesses and investments
transactions between borrowers and lenders of various sizes and enabling efficient financial coordination. Investing typically entails the purchase of stock
Finance
Class of theorems about Nash equilibrium payoff profiles in repeated games
In game theory, folk theorems are a class of theorems describing an abundance of Nash equilibrium payoff profiles in repeated games (Friedman 1971). The
Folk_theorem_(game_theory)
Components of a legally-binding contract
rule used a subjective perspective. Under this meeting of the minds theory of contract, a party could resist a claim of breach by proving that he had not
Offer_and_acceptance
Macroeconomic model
for by real, in contrast to nominal, shocks. RBC theory sees business cycle fluctuations as the efficient response to exogenous changes in the real economic
Real_business-cycle_theory
Law about agreements between two or more parties
expectation of a contract. The reliance theory should be seen as a supplement to the will theory, affording an alternative basis for contract in circumstances
South_African_contract_law
Field of economics to evaluate well-being
result is efficient. Put into practice, such a policy might resemble predistribution. Because of welfare economics' close ties to social choice theory, Arrow's
Welfare_economics
Economic dilemma
hold-up problem is central to the theory of incomplete contracts, and shows the difficulty in writing complete contracts. A hold-up problem arises when two
Hold-up_problem
Area of discrete mathematics
efficient algorithms to decide membership in a class Finding representations for members of a class Gallery of named graphs Glossary of graph theory List
Graph_theory
Business contract
companies should hire contract management teams. This way they would not just be hiring an experienced employee but an entire team of efficient and experienced
Management_contract
Concept in contract theory and economics
In contract theory, mechanism design, and economics, an information asymmetry is a situation where one party has more or better information than the other
Information_asymmetry
Look up Appendix:Glossary of game theory in Wiktionary, the free dictionary. Game theory is the branch of mathematics in which games are studied: that
Glossary_of_game_theory
Theories relating to firms' roles in the economy
for the respective theories of the firm? Firms exist as an alternative system to the market-price mechanism when it is more efficient to produce in a non-market
Theory_of_the_firm
Protecting economic value by managing risk exposure
management as a "science" can be said to have been born with modern portfolio theory, particularly as initiated by Professor Harry Markowitz in 1952 with his
Financial_risk_management
Behavior of individuals and firms
to enable efficient trading where none had previously existed. This is studied in the field of collective action and public choice theory. "Optimal welfare"
Microeconomics
Concept in the common law of contracts
something of value. It is a necessity for simple contracts but not for special contracts (contracts by deed). The concept has been adopted by other common
Consideration
Proof of social welfare function being pareto efficient given three axioms
In decision theory, the Harsanyi's utilitarian theorem proves mathematically that a rational social welfare function that satisfies the expected utility
Harsanyi's utilitarian theorem
Harsanyi's_utilitarian_theorem
Difference between estimated transaction costs and the amount actually paid
(SML) T-model Trading theories and strategies Algorithmic trading Buy and hold Contrarian investing Dollar cost averaging Efficient-market hypothesis (EMH)
Slippage_(finance)
Platforms for betting on events
professor at Dartmouth, explains "Financial markets are generally pretty efficient, and the evidence suggests that the same is true of prediction markets
Prediction_market
Seizing control of a person's will for gain
UNIDROIT Principles Performance & breach Anticipatory repudiation Cover Efficient breach Deviation Fundamental breach Remedies Monetary damages Liquidated
Undue_influence
In law, the impossibility of performing a contractual duty
impossibility of performance or impossibility of performance of contract is a doctrine in contract law, and in this context, the "impossibility defense" is a
Impossibility_of_performance
Lower relative opportunity cost in producing a good
classical theory of comparative advantage in 1817 to explain why countries engage in international trade even when one country's workers are more efficient at
Comparative_advantage
Economic theory
supply then contracts (or its growth slows), causing a curative recession and eventually allowing resources to be reallocated efficiently. The Austrian
Austrian business cycle theory
Austrian_business_cycle_theory
Framework for cross-cultural communication
Hofstede's cultural dimensions theory is a framework for cross-cultural psychology, developed by Geert Hofstede. It shows the effects of a society's culture
Hofstede's cultural dimensions theory
Hofstede's_cultural_dimensions_theory
discrete and Euclidean geometries, graph theory, group theory, mathematical logic, number theory, set theory, Ramsey theory, dynamical systems, and partial differential
List of unsolved problems in mathematics
List_of_unsolved_problems_in_mathematics
widely held miasma theory of disease. These findings led medical science to what we now know as the germ theory of disease. The germ theory of disease proposes
Germ theory's key 19th century figures
Germ_theory's_key_19th_century_figures
School of economic thought
in his 1970 article, "Efficient Capital Markets: A Review of Theory and Empirical Work", which brought the notion of efficient markets into the forefront
Chicago_school_of_economics
US-based software and services company
conspiracy theories about Palantir have arisen, partly due to the CIA's early involvement and Palantir's initial focus on intelligence contracts, but also
Palantir
German-born theoretical physicist (1879–1955)
physicist best known for developing the theory of relativity. Einstein also made important contributions to quantum theory. His mass–energy equivalence formula
Albert_Einstein
Branch of mathematics
In game theory, the graphical form or graphical game is an alternate compact representation of strategic interactions that efficiently models situations
Graphical_game_theory
History of the development of microeconomics as a study
goods with Samuelson's "The Pure Theory of Public Expenditure" (1954), in it he gives a set of equations for efficient provision of public goods (he called
History_of_microeconomics
Ancient Greek philosopher and polymath (384–322 BC)
This is distinguished from modern approaches, beginning with social contract theory, according to which individuals leave the state of nature because of
Aristotle
1954 Virginia Supreme Court case regarding contract language
objective theory of contract formation. Although the case is a mainstay of American legal education, the facts and the accuracy of this theory have been
Lucy_v._Zehmer
American computer animation studio
law. At the time, Walt Disney Studios made the decision to develop more efficient ways of producing animation. They reached out to Graphics Group at Lucasfilm
Pixar
Concept in contract law
death, as the offeror's assent was required for contract formation. The economic theory of efficient reliance can be used to understand the reasoning
Power_of_acceptance
Latin expression meaning "fault in conclusion of a contract"
Latin expression meaning "fault in conclusion of a contract". It is an important concept in contract law for many civil law countries, which recognize
Culpa_in_contrahendo
Stanford University. His research focuses on microeconomic theory, particularly contract theory, mechanism design and auction design. His research interests
Ilya_Segal
Common law rule relating to contracts
kinds of evidence parties to a contract dispute can introduce when trying to determine the specific terms of a contract and precluding parties who have
Parol_evidence_rule
Theory of demand for health insurance
otherwise would not be able to afford. Efficient vs inefficient moral hazard: According to conventional theory, all of the additional healthcare received
Nyman's_model
Algorithm to be run on quantum computers
computers can also efficiently simulate topological quantum field theories. In addition to its intrinsic interest, this result has led to efficient quantum algorithms
Quantum_algorithm
American academic
Connecticut School of Law. He is best known for originating the theory of efficient breach of contract. In 1960, Birmingham earned an AB from the University of
Robert_L._Birmingham
Overview of finance and finance-related topics
Economic theory that asset prices fully reflect all available information efficient frontier – Investment portfolio which occupies the "efficient" parts
Outline_of_finance
Selective trading based on possession of hidden information
Satterthwaite, Mark A (April 1983). "Efficient mechanisms for bilateral trading" (PDF). Journal of Economic Theory. 29 (2): 265–281. doi:10.1016/0022-0531(83)90048-0
Adverse_selection
How one process influences another
the "efficient" one. David Hume, as part of his opposition to rationalism, argued that pure reason alone cannot prove the reality of efficient causality;
Causality
When production relates to consumer preferences in an economy
possibilities frontier that is optimal for society. In contract theory, allocative efficiency is achieved in a contract in which the skill demanded by the offering
Allocative_efficiency
Hypothetical interest rate on a risk-free investment
Fisher's concept of inflationary expectations, described in his treatise The Theory of Interest (1930), which is based on the theoretical costs and benefits
Risk-free_rate
Theory in economics used to describe reasons for wage differences
Lazear and Rosen proposed tournament theory in their 1981 paper Rank-Order Tournaments as Optimum Labor Contracts, looking at performance related pay.
Tournament_theory
Partition of graph into sequence of paths
In graph theory, an ear of an undirected graph G is a path P where the two endpoints of the path may coincide, but where otherwise no repetition of edges
Ear_decomposition
Type of fair division
(2021-04-01). "On the existence of Pareto Efficient and envy-free allocations". Journal of Economic Theory. 193 105207. arXiv:1906.07257. doi:10.1016/j
Efficient_envy-free_division
Quality of a strategy in game theory
In game theory, a strategy A dominates another strategy B if A will always produce a better result than B, regardless of how any other player plays. Some
Strategic_dominance
American academic (born 1945)
is known for his textbook writings on microeconomics and the libertarian theory of anarcho-capitalism, which is the subject of his most popular book, The
David_D._Friedman
Methodology for creation of markets
procedure, in order to achieve efficient and equitable outcomes. It is closely related to mechanism design and auction theory. Market design is concerned
Market_design
Solution concept of a non-cooperative game
be weakly Pareto efficient. As a result of these requirements, strong Nash is too rare to be useful in many branches of game theory. However, in games
Nash_equilibrium
Doctrine in contract law
remedies the situation. It may refuse to enforce the contract against the party unfairly treated on the theory that they were misled, lacked information, or
Unconscionability
Fusion of macroeconomic schools of thought
output capacity. Real business cycle theory did not consider the possibility of gaps and used changes in efficient output, caused by shocks to the economy
New_neoclassical_synthesis
Theory in historical linguistics
combining characters and Latin characters. The laryngeal theory is a widely accepted scientific theory in historical linguistics positing that the Proto-Indo-European
Laryngeal_theory
Agricultural production involving prior agreement between buyer and producer
M. Contract Farming in Developing Countries – A Review. Agence Française de Développement (AFD), 2012 [10] Rehber, E. Contract Farming: Theory And Practice
Contract_farming
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EFFICIENT CONTRACT-THEORY