One-sided contracts in competitive consumer markets
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Author
Contributions
- Posner, Richard A. - Contributor
- John M. Olin Center for Law, Economics, and Business. - Contributor
Publication
2005 - Harvard Law School, Cambridge, MA, Massachusetts
Language
English
Word Count
3,250 words, Guess
Page Count
13 pages
Physical Format
Electronic resource
Identifiers
- Open LibraryOL16251350M
- OCLC Control Number65181939
- Library of Congress Control Number2007615655
Classifications
- LCCK487.E3
Description
"This paper shows that "one-sided" terms in standard contracts, which deny consumers a contractual benefit that seems efficient on average, may arise in competitive markets without informational problems (other than those of courts). A onesided term might be an efficient response to situations in which courts cannot perfectly observe all the contingencies needed for an accurate implementation of a "balanced" contractual term when firms are more concerned about their reputation, and thus less inclined to behave opportunistically, than consumers are. We develop this explanation, discuss its positive and normative implications, and compare them to those of informationbasedexplanations for one-sided terms"--John M. Olin Center for Law, Economics, and Business web site.
Subjects
Series Statement
- Discussion paper -- no. 534
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