theories of self-enforcing or implicit
Theories of self-enforcing or implicit contracts
These theories relate to the problem of limits to which legal compulsion can be employed (due to information or transaction costs).
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determine the complexities of the policy processcomplexity of the policy process affects the form of delegation of powers to the agents by the
describe the principal-agent framework in standard principal-agent framework an agent may be directed to maximize an objective function which may or
what is the theory of contractsthe specialized relationship between principal and agent and between agents themselves in the policy process has been
determine about the principal-agent theorieswwhich concentrate especially on the problems of asymmetric information among the parties to a contract
theories of self-enforcing or implicit contractsthese theories relate to the problem of limits to which legal compulsion can be employed due to
theories of relational contractsthese are long-term non-legal or only incompletely legal agreements the fact of incomplete foresight is taken into
determine the example of a relational contracta characteristic macro example of a relational contract with a strong lock-in effect is membership of a
baobab rolling mills owns a lathe machine which was purchased 10years ago at sh 75 million the machine had an expected life of 15 yrs at the time it
define the term - credibility and reputationnature and characteristic of the environment in which a policy has been chosen has a number of important
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