English, Article, Journal or magazine article edition: Standard Breach Remedies, Quality Thresholds, and Cooperative Investments Alexander Stremitzer

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Bookmark: http://trove.nla.gov.au/version/52342
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Standard Breach Remedies, Quality Thresholds, and Cooperative Investments
Author
  • Alexander Stremitzer
Physical Description
  • preprint
Notes
  • When investments are non-verifiable, inducing cooperative investments with simple contracts may not be as difficult as previously thought. Indeed, modeling “expectation damages” close to legal practice, we show that the default remedy of contract law induces the first best. Yet, in order to lower informational requirements of courts, parties may opt for a "specific performance" regime which grants the breached-against buyer an option to choose "restitution" if the tender’s value falls below some (exogenously given) quality threshold. In order to implement this regime, no more information needs to be verifiable than is implicitly assumed in Che and Hausch (1999).
  • RePEc:trf:wpaper:242
  • When investments are non-verifiable, inducing cooperative investments with simple contracts may not be as difficult as previously thought. Indeed, modeling “expectation damages” close to legal practice, we show that the default remedy of contract law induces the ?rst best. Yet, in order to lower informational requirements of courts, parties may opt for a "specific performance" regime which grants the breached-against buyer an option to choose "restitution" if the tender’s value falls below some (arbitrarily chosen) quality threshold. In order to implement this regime, no more information needs to be verifiable than is implicitly assumed in Che and Hausch (1999).
  • breach remedies, incomplete contracts, cooperative investments.
  • RePEc:bon:bonedp:bgse4_2009
Language
  • English
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