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CONTRIBUTIONS OF NOBEL ECONOMICS PRIZE WINNER BENGT HOLMSTRÖM AND OLIVER HART TO CONTRACT THEORY

Year 2024, Volume: 16 Issue: 1, 1 - 38, 31.07.2024

Hamza Onur Zenginer

https://doi.org/10.53881/hiad.1366136

Abstract

Bengt Holmström ve Oliver Hart were awarded th 2016 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for their fundamental contributions to contract theory. In this study, short life stories of both researchers are given then a brief information about the economics of contract theory is given. Then, the contributions made by Holmström and Hart to this field are presented. The issues are analyzed within the framework of law and economics and the economic analysis of law, and determinations regarding contract theory are put forward.

Keywords

Contract Theory Nobel Economy Prize Incomplete Contracts Law and Economics Economic Anaylsis of Law.

References

  • Aggarwal, R. K., & Samwick, A. A. (1999). The Other Side of the Trade-off: The Impact of Risk on Executive Compensation. Journal of Political Economy, 65-105.
  • Aghion, P., & Bolton, P. (1992). An Incomplete Contracts Approach to Financial Contracting. Review of Economic Studies, 59, 473-494.
  • Aghion, P., Dewatripoint, M., & Rey, P. (1994). Renegotiation Design with Unverifiable Information. Econometrica, 62, 257-282.
  • Aghion, P., Hart, O., & Moore, J. (1992). The Economics of Bankruptcy Reform. Journal of Law, Economics and Organization, 8, 523-546.
  • Aktan, C. C. (2002). Kamu Tercihi Teorisi ve Anayasal Politik İktisat . C. C. Aktan içinde, Anayasal İktisat (s. 3-30). Ankara: Siyasal Kitabevi.
  • Aktan, C. C., & Zenginer, H. O. (2020). Nobel Ekonomi Ödülü Sahibi Oliver E. Williamson'un İşlem Maliyetleri İktisadına Katkıları. C. C. Aktan içinde, Nobelite: Hukuk ve İktisat Yaklaşımının Öncüleri (s. 228-248). İzmir: SOBİAD Hukuk ve İktisat Araştırmaları Merkezi Yayınları.
  • Allen , D., & Lueck, D. (1992). Contract Choice in Modern Agriculture: Cash Rent versus Cropshare. Journal of Law and Economics, 35, 397-426.
  • Arrow, K. J. (1963). Uncertainty and the Welfare Economics of Medical Care. American Economic Review, 53(5), 941-973.
  • Arrow, K. J. (1968). The Economics of Moral Hazard: Further Comment. American Economic Review, 58(3), 537-539.
  • Bartling, B., & Schmidt, K. M. (2015). Reference Points, Social Norms, and Fairness in Contract Renegotiations. Journal of the European Economic Association, 13, 98-129.
  • Bolton, P., & Deatripont, M. (2005). Contract Theory. Cambridge MA: MIT Press.
  • Bolton, P., & Scharfstein, D. S. (1990). A Theory of Predation Based on Agency Problems in Financial Contracting. American Economic Review, 80(1), 93-106.
  • Bolton, P., & Scharfstein, D. S. (1996). Optimal Debt Structure and the Number of Creditors. Journal of Political Economy, 104, 1-25.
  • Che, Y.-K., & Hausch, D. B. (1999). Cooperative Investments and the Value of Contracting. American Economic Review, 89(1), 125-147.
  • Coase, R. H. (1937). The Nature of the Firm. Economica, 4(16), 386-405.
  • Core, J. E., Guay, W. R., & Verrecchia, R. E. (2003). Price versus Non-Price Performance Measures in Optimal CEO Compensation Contracts. Accounting Review, 957-981.
  • Dang, T. V., Gorton, G., & Holmström, B. (2015). Ignorance, Debt, and Financial Crises. New Haven: Yale University Press.
  • Dewatripont, M., & Tirole, J. (1994). A Theory of Debt and Equity: Diversity of Securities and Manager–Shareholder Congruence. Quarterly Journal of Economics, 109, 1027-1054.
  • Dewatripont, M., Jewitt, I., & Tirole, J. (1999a). The Economics of Career Concerns Part I: Comparing Information Structures. Review of Economic Studies, 66, 183-198.
  • Dewatripont, M., Jewitt, I., & Tirole, J. (1999b). The Economics of Career Concerns Part II: Application to Missions and Accountability of Government Agencies. Review of Economic Studies, 199-217.
  • Dumludağ, D., & Ruben, E. (2018). İktisat ve Psikoloji. D. Dumludağ, Ö. Gökdemir, L. Neyse, & E. Ruben içinde, İktisatta Davranışsal Yaklaşımlar (s. 33-52). Ankara: İmge Yayınevi.
  • Fama, E. F. (1980). Agency Problems and the Theory of the Firm. Journal of Political Economy, 88, 288-307.
  • Fehr, E., Hart, O., & Zehnder, C. (2009). Contracts, Reference Points, and Competition Behavioral Effects of The Fundamental Transformation,. Journal of the European Economic Association, 7, 561–572.
  • Fehr, E., Hart, O., & Zehnder, C. (2011). Contracts as Reference Points – Experimental Evidence. American Economic Review, 101(2), 493–525.
  • Fehr, E., Hart, O., & Zehnder, C. (2015). How Do Informal Agreements and Revision Shape Contractual Reference Points? Journal of the European Economic Association, 13, 1-28.
  • Gibbons, R., & Murphy, K. J. (1992). Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence. Journal of Political Economy, 100, 468–505.
  • Grossman , S. J., & Hart, O. (1983a). An Analysis of the Principal–Agent Problem. Econometrica, 51, 7-45.
  • Grossman, S. J., & Hart, O. (1980). Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation. Bell Journal of Economics, 11, 42-64.
  • Grossman, S. J., & Hart, O. (1983b). Implicit Contracts under Asymmetric Information. Quarterly Journal of Economics, 98, 123-156.
  • Grossman, S. J., & Hart, O. (1986). The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration. Journal of Political Economy, 94, 691-719.
  • Hanson, M. A. (1981). On Sufficiency of the Kuhn-Tucker Conditions. J. Math. Anal. Appl., 80(2), 545-550. Hart, O. (1974). On the Existence of Equilibrium in a Securities Model. Journal of Economic Theory, 9, 293-311.
  • Hart, O. (1975). On the Optimality of Equilibrium when the Market Structure is Incomplete. Journal of Economic Theory, 11, 418-443.
  • Hart, O. (1979). Monopolistic Competition in a Large Economy with Differentiated Commodities. Review of Economic Studies, 46, 1-30.
  • Hart, O. (1982). A Model of Imperfect Competition with Keynesian Features. Quarterly Journal of Economics, 97, 109-138.
  • Hart, O. (1983a). The Market Mechanism as an Incentive Scheme. Bell Journal of Economics, 14, 366–382.
  • Hart, O. (1983b). Optimal Labour Contracts under Asymmetric Information: An Introduction. Review of Economic Studies, 50, 3-35.
  • Hart, O. (1995). Firms, Contracts and Financial Structure. Oxford: Clarendon Press.
  • Hart, O. (2009). Hold-Up, Asset Ownership and Reference Points. Quarterly Journal of Economics, 124, 267-300.
  • Hart, O., & Holmström, B. (1986). The Theory of Contracts. Massachusetts: Massachusetts Institute of Technology.
  • Hart, O., & Holmström, B. (2010). A Theory of Firm Scope. Quarterly Journal of Economics, 125, 483-513.
  • Hart, O., & Moore, J. (1988). Incomplete Contracts and Renegotiation. Econometrica, 56, 755-785.
  • Hart, O., & Moore, J. (1990). Property Rights and the Nature of the Firm. Journal of Political Economy, 98, 1119–1158.
  • Hart, O., & Moore, J. (1994). A Theory of Debt Based on the Inalienability of Human Capital. Quarterly Journal of Economics, 109, 841-879.
  • Hart, O., & Moore, J. (1995). Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management. American Economic Review, 85(3), 567-585.
  • Hart, O., & Moore, J. (1998). Default and Renegotiation: A Dynamic Model of Debt. Quarterly Journal of Economics, 113, 1-41.
  • Hart, O., & Moore, J. (1999). Foundations of Incomplete Contracts. Review of Economic Studies, 66, 115-138.
  • Hart, O., & Moore, J. (2008). Contracts as Reference Points. Quarterly Journal of Economics, 123, 1-48. Hart, O., La Porta Drago, R., & Lopez-de Silanes, F. (1997). A New Bankruptcy Procedure that Uses Multiple Auctions. European Economic Review, 41, 461-473.
  • Hart, O., Shleifer, A., & Vishny, R. W. (1997). The Proper Scope of Government: Theory and an Application to Prisons. Quarterly Journal of Economics, 112, 1127–1161.
  • Holmström, B. (1982). Moral Hazard in Teams. Bell Journal of Economics, 13, 324-340.
  • Holmström, B. (1982b). Managerial Incentive Problems: A Dynamic Perspective. Review of Economic Studies, 66, 169-182.
  • Holmström, B., & Milgrom, P. (1991). Multitask Principal–Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design. Journal of Law, Economics, and Organization, 7, 24-52.
  • Holmström, B., & Milgrom, P. (1994). The Firm as an Incentive System. American Economic Review, 84(4), 972-991.
  • Holmström, B., & Tirole, J. (1993). Market Liquidity and Performance Monitoring. Journal of f Political Economy, 101, 678-709.
  • Holmström, B., & Tirole, J. (1997). Financial Intermediation, Loanable Funds, and the Real Sector. Quarterly Journal of Economics, 112, 663-691.
  • Holmström, B., & Tirole, J. (1998). Private and Public Supply of Liquidity. Journal of Political Economy, 106, 1-40.
  • Holmström, B., & Tirole, J. (2001). LAPM: A Liquidity-Based Asset Pricing Model. Journal of Finance, 56, 1837-1867.
  • Holmström, B., & Tirole, J. (2011). Inside and Outside Liquidity. Cambridge MA: MIT Press.
  • Homström, B. (1979). Moral Hazard and Observability. Bell Journal of Economics, 10, 74-91.
  • Homström, B., & Milgrom, P. (1987). Aggregation and Linearity in the Provision of Intertemporal Incentives. Econometrica, 55, 303-328.
  • Ichniowski, C., & Shaw, K. (2003). Beyond Incentive Pay: Insiders’ Estimates of the Value of Complementary Human Resource Management Practices. Journal of Economic Perspectives, 17, 155-180.
  • Innes, R. D. (1990). Limited Liability and Incentive Contracting with Ex-Ante Action Choices. Journal of Economic Theory, 52, 45-67.
  • Jewitt, I. (1988). Justifying the First-Order Approach to Principal–Agent Problems. Econometrica, 56, 1177-1190.
  • Kahneman, D. (2017). Hızlı ve Yavaş Düşünme (Thinking Fast and Slow). İstanbul: Varlık Yayınları.
  • Klein, B., Crawford, R. G., & Alchian, A. A. (1978). Vertical Integration, Appropriable Rents, and the Competitive Contracting Process. Journal of Law and Economics, 21, 297-326.
  • Laffont, J., & Martimort, D. (2002). The Theory of Incentives. The Principal–Agent Model. Princeton, NJ.: Princeton University Press.
  • Lafontaine, F. (1992). Agency Theory and Franchising: Some Empirical Results. RAND Journal of Economics, 23, 263-283.
  • Lazear, E. P., & Rosen, S. (1981). Rank-Order Tournaments as Optimum Labor Contracts. Journal of Political Economy, 89, 841-864.
  • Maskin, E., & Tirole, J. (1999). Unforeseen Contingencies and Incomplete Contracts. Review of Economic Studies, 66, 83-114.
  • Millenium Post. (2021, 12 4). Past Matters of Contract Theory. milleniumpost.in: https://www.millenniumpost.in/sundaypost/beacon/past-masters-of-contract-theory-460745?infinitescroll=1 adresinden alındı
  • Miller, M. H. (1977). Debt and Taxes. Journal of Finance, 32, 261-275.
  • Mirrlees, J. A. (1975). The Theory of Moral Hazard and Unobservable Behavior, Part I, mimeo (reprinted in (1999). Review of Economic Studies, 66, 3-21.
  • Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48(3), 261-297.
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  • Nobel Prize Foundation. (2016b). Nobel Prize Oliver Hart Facts. Nobel Prize Foundation: https://www.nobelprize.org/prizes/economic-sciences/2016/hart/facts/ adresinden alındı
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NOBEL İKTİSAT ÖDÜLÜ SAHİPLERİ BENGT HOLMSTRÖM VE OLIVER HART’IN SÖZLEŞME TEORİSİNE KATKILARI

Year 2024, Volume: 16 Issue: 1, 1 - 38, 31.07.2024

Hamza Onur Zenginer

https://doi.org/10.53881/hiad.1366136

Abstract

Bengt Holmström ve Oliver Hart sözleşme teorisine ilişkin yaptıkları katkılarla 2016 yılında Sveriges Riksbank Ödülü ya da bilinen adıyla Alfred Nobel anısına verilen Nobel İktisat Ödülünü kazanmışlardır. Bu çalışmada her iki araştırmacının kısa hayat hikayeleri ve sonrasında sözleşme teorisine ilişkin öz bir bilgi verilmektedir. Ardından Holmström ve Hart tarafından bu alana yapılan katkılar sunulmaktadır. Hukuk ve iktisat ile hukukun iktisadi analizi çerçevesinde konular incelenerek sözleşme teorine ilişkin tespitler ortaya koyulmaktadır.

Keywords

Sözleşme Teorisi İktisadı Nobel İktisat Ödülü Tamamlanmamış ya da Eksik Sözleşmeler Hukuk ve İktisat Hukukun İktisadi Analizi.

References

  • Aggarwal, R. K., & Samwick, A. A. (1999). The Other Side of the Trade-off: The Impact of Risk on Executive Compensation. Journal of Political Economy, 65-105.
  • Aghion, P., & Bolton, P. (1992). An Incomplete Contracts Approach to Financial Contracting. Review of Economic Studies, 59, 473-494.
  • Aghion, P., Dewatripoint, M., & Rey, P. (1994). Renegotiation Design with Unverifiable Information. Econometrica, 62, 257-282.
  • Aghion, P., Hart, O., & Moore, J. (1992). The Economics of Bankruptcy Reform. Journal of Law, Economics and Organization, 8, 523-546.
  • Aktan, C. C. (2002). Kamu Tercihi Teorisi ve Anayasal Politik İktisat . C. C. Aktan içinde, Anayasal İktisat (s. 3-30). Ankara: Siyasal Kitabevi.
  • Aktan, C. C., & Zenginer, H. O. (2020). Nobel Ekonomi Ödülü Sahibi Oliver E. Williamson'un İşlem Maliyetleri İktisadına Katkıları. C. C. Aktan içinde, Nobelite: Hukuk ve İktisat Yaklaşımının Öncüleri (s. 228-248). İzmir: SOBİAD Hukuk ve İktisat Araştırmaları Merkezi Yayınları.
  • Allen , D., & Lueck, D. (1992). Contract Choice in Modern Agriculture: Cash Rent versus Cropshare. Journal of Law and Economics, 35, 397-426.
  • Arrow, K. J. (1963). Uncertainty and the Welfare Economics of Medical Care. American Economic Review, 53(5), 941-973.
  • Arrow, K. J. (1968). The Economics of Moral Hazard: Further Comment. American Economic Review, 58(3), 537-539.
  • Bartling, B., & Schmidt, K. M. (2015). Reference Points, Social Norms, and Fairness in Contract Renegotiations. Journal of the European Economic Association, 13, 98-129.
  • Bolton, P., & Deatripont, M. (2005). Contract Theory. Cambridge MA: MIT Press.
  • Bolton, P., & Scharfstein, D. S. (1990). A Theory of Predation Based on Agency Problems in Financial Contracting. American Economic Review, 80(1), 93-106.
  • Bolton, P., & Scharfstein, D. S. (1996). Optimal Debt Structure and the Number of Creditors. Journal of Political Economy, 104, 1-25.
  • Che, Y.-K., & Hausch, D. B. (1999). Cooperative Investments and the Value of Contracting. American Economic Review, 89(1), 125-147.
  • Coase, R. H. (1937). The Nature of the Firm. Economica, 4(16), 386-405.
  • Core, J. E., Guay, W. R., & Verrecchia, R. E. (2003). Price versus Non-Price Performance Measures in Optimal CEO Compensation Contracts. Accounting Review, 957-981.
  • Dang, T. V., Gorton, G., & Holmström, B. (2015). Ignorance, Debt, and Financial Crises. New Haven: Yale University Press.
  • Dewatripont, M., & Tirole, J. (1994). A Theory of Debt and Equity: Diversity of Securities and Manager–Shareholder Congruence. Quarterly Journal of Economics, 109, 1027-1054.
  • Dewatripont, M., Jewitt, I., & Tirole, J. (1999a). The Economics of Career Concerns Part I: Comparing Information Structures. Review of Economic Studies, 66, 183-198.
  • Dewatripont, M., Jewitt, I., & Tirole, J. (1999b). The Economics of Career Concerns Part II: Application to Missions and Accountability of Government Agencies. Review of Economic Studies, 199-217.
  • Dumludağ, D., & Ruben, E. (2018). İktisat ve Psikoloji. D. Dumludağ, Ö. Gökdemir, L. Neyse, & E. Ruben içinde, İktisatta Davranışsal Yaklaşımlar (s. 33-52). Ankara: İmge Yayınevi.
  • Fama, E. F. (1980). Agency Problems and the Theory of the Firm. Journal of Political Economy, 88, 288-307.
  • Fehr, E., Hart, O., & Zehnder, C. (2009). Contracts, Reference Points, and Competition Behavioral Effects of The Fundamental Transformation,. Journal of the European Economic Association, 7, 561–572.
  • Fehr, E., Hart, O., & Zehnder, C. (2011). Contracts as Reference Points – Experimental Evidence. American Economic Review, 101(2), 493–525.
  • Fehr, E., Hart, O., & Zehnder, C. (2015). How Do Informal Agreements and Revision Shape Contractual Reference Points? Journal of the European Economic Association, 13, 1-28.
  • Gibbons, R., & Murphy, K. J. (1992). Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence. Journal of Political Economy, 100, 468–505.
  • Grossman , S. J., & Hart, O. (1983a). An Analysis of the Principal–Agent Problem. Econometrica, 51, 7-45.
  • Grossman, S. J., & Hart, O. (1980). Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation. Bell Journal of Economics, 11, 42-64.
  • Grossman, S. J., & Hart, O. (1983b). Implicit Contracts under Asymmetric Information. Quarterly Journal of Economics, 98, 123-156.
  • Grossman, S. J., & Hart, O. (1986). The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration. Journal of Political Economy, 94, 691-719.
  • Hanson, M. A. (1981). On Sufficiency of the Kuhn-Tucker Conditions. J. Math. Anal. Appl., 80(2), 545-550. Hart, O. (1974). On the Existence of Equilibrium in a Securities Model. Journal of Economic Theory, 9, 293-311.
  • Hart, O. (1975). On the Optimality of Equilibrium when the Market Structure is Incomplete. Journal of Economic Theory, 11, 418-443.
  • Hart, O. (1979). Monopolistic Competition in a Large Economy with Differentiated Commodities. Review of Economic Studies, 46, 1-30.
  • Hart, O. (1982). A Model of Imperfect Competition with Keynesian Features. Quarterly Journal of Economics, 97, 109-138.
  • Hart, O. (1983a). The Market Mechanism as an Incentive Scheme. Bell Journal of Economics, 14, 366–382.
  • Hart, O. (1983b). Optimal Labour Contracts under Asymmetric Information: An Introduction. Review of Economic Studies, 50, 3-35.
  • Hart, O. (1995). Firms, Contracts and Financial Structure. Oxford: Clarendon Press.
  • Hart, O. (2009). Hold-Up, Asset Ownership and Reference Points. Quarterly Journal of Economics, 124, 267-300.
  • Hart, O., & Holmström, B. (1986). The Theory of Contracts. Massachusetts: Massachusetts Institute of Technology.
  • Hart, O., & Holmström, B. (2010). A Theory of Firm Scope. Quarterly Journal of Economics, 125, 483-513.
  • Hart, O., & Moore, J. (1988). Incomplete Contracts and Renegotiation. Econometrica, 56, 755-785.
  • Hart, O., & Moore, J. (1990). Property Rights and the Nature of the Firm. Journal of Political Economy, 98, 1119–1158.
  • Hart, O., & Moore, J. (1994). A Theory of Debt Based on the Inalienability of Human Capital. Quarterly Journal of Economics, 109, 841-879.
  • Hart, O., & Moore, J. (1995). Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management. American Economic Review, 85(3), 567-585.
  • Hart, O., & Moore, J. (1998). Default and Renegotiation: A Dynamic Model of Debt. Quarterly Journal of Economics, 113, 1-41.
  • Hart, O., & Moore, J. (1999). Foundations of Incomplete Contracts. Review of Economic Studies, 66, 115-138.
  • Hart, O., & Moore, J. (2008). Contracts as Reference Points. Quarterly Journal of Economics, 123, 1-48. Hart, O., La Porta Drago, R., & Lopez-de Silanes, F. (1997). A New Bankruptcy Procedure that Uses Multiple Auctions. European Economic Review, 41, 461-473.
  • Hart, O., Shleifer, A., & Vishny, R. W. (1997). The Proper Scope of Government: Theory and an Application to Prisons. Quarterly Journal of Economics, 112, 1127–1161.
  • Holmström, B. (1982). Moral Hazard in Teams. Bell Journal of Economics, 13, 324-340.
  • Holmström, B. (1982b). Managerial Incentive Problems: A Dynamic Perspective. Review of Economic Studies, 66, 169-182.
  • Holmström, B., & Milgrom, P. (1991). Multitask Principal–Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design. Journal of Law, Economics, and Organization, 7, 24-52.
  • Holmström, B., & Milgrom, P. (1994). The Firm as an Incentive System. American Economic Review, 84(4), 972-991.
  • Holmström, B., & Tirole, J. (1993). Market Liquidity and Performance Monitoring. Journal of f Political Economy, 101, 678-709.
  • Holmström, B., & Tirole, J. (1997). Financial Intermediation, Loanable Funds, and the Real Sector. Quarterly Journal of Economics, 112, 663-691.
  • Holmström, B., & Tirole, J. (1998). Private and Public Supply of Liquidity. Journal of Political Economy, 106, 1-40.
  • Holmström, B., & Tirole, J. (2001). LAPM: A Liquidity-Based Asset Pricing Model. Journal of Finance, 56, 1837-1867.
  • Holmström, B., & Tirole, J. (2011). Inside and Outside Liquidity. Cambridge MA: MIT Press.
  • Homström, B. (1979). Moral Hazard and Observability. Bell Journal of Economics, 10, 74-91.
  • Homström, B., & Milgrom, P. (1987). Aggregation and Linearity in the Provision of Intertemporal Incentives. Econometrica, 55, 303-328.
  • Ichniowski, C., & Shaw, K. (2003). Beyond Incentive Pay: Insiders’ Estimates of the Value of Complementary Human Resource Management Practices. Journal of Economic Perspectives, 17, 155-180.
  • Innes, R. D. (1990). Limited Liability and Incentive Contracting with Ex-Ante Action Choices. Journal of Economic Theory, 52, 45-67.
  • Jewitt, I. (1988). Justifying the First-Order Approach to Principal–Agent Problems. Econometrica, 56, 1177-1190.
  • Kahneman, D. (2017). Hızlı ve Yavaş Düşünme (Thinking Fast and Slow). İstanbul: Varlık Yayınları.
  • Klein, B., Crawford, R. G., & Alchian, A. A. (1978). Vertical Integration, Appropriable Rents, and the Competitive Contracting Process. Journal of Law and Economics, 21, 297-326.
  • Laffont, J., & Martimort, D. (2002). The Theory of Incentives. The Principal–Agent Model. Princeton, NJ.: Princeton University Press.
  • Lafontaine, F. (1992). Agency Theory and Franchising: Some Empirical Results. RAND Journal of Economics, 23, 263-283.
  • Lazear, E. P., & Rosen, S. (1981). Rank-Order Tournaments as Optimum Labor Contracts. Journal of Political Economy, 89, 841-864.
  • Maskin, E., & Tirole, J. (1999). Unforeseen Contingencies and Incomplete Contracts. Review of Economic Studies, 66, 83-114.
  • Millenium Post. (2021, 12 4). Past Matters of Contract Theory. milleniumpost.in: https://www.millenniumpost.in/sundaypost/beacon/past-masters-of-contract-theory-460745?infinitescroll=1 adresinden alındı
  • Miller, M. H. (1977). Debt and Taxes. Journal of Finance, 32, 261-275.
  • Mirrlees, J. A. (1975). The Theory of Moral Hazard and Unobservable Behavior, Part I, mimeo (reprinted in (1999). Review of Economic Studies, 66, 3-21.
  • Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48(3), 261-297.
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There are 86 citations in total.

Details

Primary Language Turkish
Subjects Law and Economy
Journal Section Research Article
Authors

Hamza Onur Zenginer 0000-0002-0780-0444

Early Pub Date December 3, 2023
Publication Date July 31, 2024
Published in Issue Year 2024 Volume: 16 Issue: 1

Cite

APA Zenginer, H. O. (2024). NOBEL İKTİSAT ÖDÜLÜ SAHİPLERİ BENGT HOLMSTRÖM VE OLIVER HART’IN SÖZLEŞME TEORİSİNE KATKILARI. Hukuk Ve İktisat Araştırmaları Dergisi, 16(1), 1-38. https://doi.org/10.53881/hiad.1366136
AMA Zenginer HO. NOBEL İKTİSAT ÖDÜLÜ SAHİPLERİ BENGT HOLMSTRÖM VE OLIVER HART’IN SÖZLEŞME TEORİSİNE KATKILARI. Hukuk ve İktisat Araştırmaları Dergisi. July 2024;16(1):1-38. doi:10.53881/hiad.1366136
Chicago Zenginer, Hamza Onur. “NOBEL İKTİSAT ÖDÜLÜ SAHİPLERİ BENGT HOLMSTRÖM VE OLIVER HART’IN SÖZLEŞME TEORİSİNE KATKILARI”. Hukuk Ve İktisat Araştırmaları Dergisi 16, no. 1 (July 2024): 1-38. https://doi.org/10.53881/hiad.1366136.
EndNote Zenginer HO (July 1, 2024) NOBEL İKTİSAT ÖDÜLÜ SAHİPLERİ BENGT HOLMSTRÖM VE OLIVER HART’IN SÖZLEŞME TEORİSİNE KATKILARI. Hukuk ve İktisat Araştırmaları Dergisi 16 1 1–38.
IEEE H. O. Zenginer, “NOBEL İKTİSAT ÖDÜLÜ SAHİPLERİ BENGT HOLMSTRÖM VE OLIVER HART’IN SÖZLEŞME TEORİSİNE KATKILARI”, Hukuk ve İktisat Araştırmaları Dergisi, vol. 16, no. 1, pp. 1–38, 2024, doi: 10.53881/hiad.1366136.
ISNAD Zenginer, Hamza Onur. “NOBEL İKTİSAT ÖDÜLÜ SAHİPLERİ BENGT HOLMSTRÖM VE OLIVER HART’IN SÖZLEŞME TEORİSİNE KATKILARI”. Hukuk ve İktisat Araştırmaları Dergisi 16/1 (July 2024), 1-38. https://doi.org/10.53881/hiad.1366136.
JAMA Zenginer HO. NOBEL İKTİSAT ÖDÜLÜ SAHİPLERİ BENGT HOLMSTRÖM VE OLIVER HART’IN SÖZLEŞME TEORİSİNE KATKILARI. Hukuk ve İktisat Araştırmaları Dergisi. 2024;16:1–38.
MLA Zenginer, Hamza Onur. “NOBEL İKTİSAT ÖDÜLÜ SAHİPLERİ BENGT HOLMSTRÖM VE OLIVER HART’IN SÖZLEŞME TEORİSİNE KATKILARI”. Hukuk Ve İktisat Araştırmaları Dergisi, vol. 16, no. 1, 2024, pp. 1-38, doi:10.53881/hiad.1366136.
Vancouver Zenginer HO. NOBEL İKTİSAT ÖDÜLÜ SAHİPLERİ BENGT HOLMSTRÖM VE OLIVER HART’IN SÖZLEŞME TEORİSİNE KATKILARI. Hukuk ve İktisat Araştırmaları Dergisi. 2024;16(1):1-38.
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