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dc.contributor.authorChakravarty, Surajeeten
dc.contributor.authorMacLeod, W. Bentleyen
dc.date.accessioned2006-11-16-
dc.date.accessioned2010-07-07T09:50:37Z-
dc.date.available2010-07-07T09:50:37Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/33687-
dc.description.abstractMost contracts that individuals enter into are not written from scratch; rather, they depend upon forms and terms that have been successful in the past. In this paper, we study the structure of form construction contracts published by the American Institute of Architects (AIA). We show that these contracts are an efficient solution to the problem of procuring large, complex projects when unforeseen contingencies are inevitable. This is achieved by carefully structuring the ex post bargaining game between the Principal and the Agent. The optimal mechanism corresponding to the AIA construction form is consistent with decisions of the courts in several prominent but controversial cases, and hence it provides an economic foundation for a number of the common-law excuses from performance. Finally, the case of form contracts for construction is an example of how markets, as opposed to private negotiations, can be used to determine efficient contract terms.en
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x2125en
dc.subject.jelD8en
dc.subject.jelK2en
dc.subject.jelL7en
dc.subject.ddc330en
dc.subject.keywordlaw and economicsen
dc.subject.keywordincomplete contractsen
dc.subject.keywordconstructionen
dc.subject.keywordagency theoryen
dc.subject.keywordindustry studiesen
dc.subject.keywordoutsourcingen
dc.subject.keywordprocurementen
dc.titleConstruction contracts (or: how to get the right building at the right price?)-
dc.type|aWorking Paperen
dc.identifier.ppn512343411en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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