from whatis.com
Contract Theory
Contract theory
is the study of how people and organizations develop legal agreements in
situations with uncertain conditions, unknown factors and information asymmetry. Contract theory
applies to both multi-party negotiations between a principal and one or more
agents and contracts created by a single individual or organization to specify
details of multi-party agreements, such as employee contracts.
Ideally, a
contract specifies the responsibilities and requirements of both parties so
meticulously that there can be no room for dispute or misunderstanding.
However, that ideal may never be achieved, for various reasons. Moral hazard,
one model within contract theory, is the risk that one party to a transaction
is not acting in good faith. For example, that party may have withheld
important information or provided misleading information or may have
undisclosed motivation driving elements of an agreement that are being
negotiated. Moral hazard often involves the assumption of risks that
disadvantage the party with less information. Other models within contract
theory include adverse selection, in which the principal party is not fully
informed of the agent’s risk factors, and signaling, in which the agent
reliably conveys information about itself to the principal, for example, a job
applicant listing qualifications that match the hirer’s list of requirements.
Contract theory
is a special application of game theory, which is the study of
mathematical models of negotiation, conflict and cooperation between
individuals, organizations and governments. Central questions of game/contract
theory include why an individual makes a particular decision and how the
decisions made by one individual affect others.
For a great satire on email, please see the following:
https://www.youtube.com/watch?v=HTgYHHKs0Zwscoop_post=bcaa0440-2548-11e5-c1bd-90b11c3d2b20&__scoop_topic=2455618
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