This article describes the emerging game-theoretic framework for modeling long-term
contractual relationships with moral hazard. The framework combines self-enforcement and …

This study explores the association between firm innovation and loan covenant strictness.
We find that lenders construct stricter contracts for firms filing more patents, consistent with …

Farmers' entrepreneurship is a powerful breakthrough for solving the problems associated
with “agriculture, rural areas and farmers.” Although studies have commonly used the same …

Abstract Information can be simultaneously consumed, replicated, and sold to others. We
study how resale affects a decentralized market for information. Even if the initial seller is an …

Communication facilitates cooperation by ensuring that deviators are collectively punished.
We explore how players might misuse communication to threaten one another, and we …

This paper outlines some thoughts on relational contracts. Such a contract can involve an
implicit agreement to behave in certain ways, that includes the use of explicit, legally …

This paper studies a continuous-time, finite-horizon contracting problem with renegotiation
and dynamic inconsistency arising from non-exponential discounting. The problem is …

Why do some countries succeed while others struggle? Why are some firms profitable while
rivals fail? Why do some marriages thrive and others end in divorce? These questions seem …

Reward systems based on balanced scorecards often connect pay to an index, that is, a
weighted sum of multiple performance measures. We show that such an index contract may …

This paper was written as an editorial preface to a" Symposium on Relational Contracts",
that was jointly edited by the three authors, and that will appear in the Journal of Institutional …