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Contract theory in economics began with 1991 Nobel Laureate Ronald H. Coase's 1937 article "The Nature of the Firm". Coase notes that "the longer the duration of a contract regarding the supply of goods or services due to the difficulty of forecasting, then the less likely and less appropriate it is for the buyer to specify what the other party should do."
performance-based contracting with firm fixed prices; other forms of performance-based contracting; non-performance based contracting. [16]: Section 821(a) PBC is widely applied in the Australian defence sector, primarily by the major acquisition and support organisation, the former Defence Materiel Organisation (DMO). It is particularly useful ...
Contractualism is a term in philosophy which refers either to a family of political theories in the social contract tradition (when used in this sense, the term is an umbrella term for all social contract theories that include contractarianism), [1] or to the ethical theory developed in recent years by T. M. Scanlon, especially in his book What We Owe to Each Other (published 1998).
Blau (1964), [6] and Emerson (1976) [7] were the key theorists who developed the original theories of social exchange. Social exchange theory approaches bargaining power from a sociological perspective, suggesting that power dynamics in negotiations are influenced by the value of the resources each party brings to the exchange (a cost-benefit analysis), as well as the level of dependency ...
In economic theory, the principal-agent approach (also called agency theory) is part of the field contract theory. [36] [37] In agency theory, it is typically assumed that complete contracts can be written, an assumption also made in mechanism design theory. Hence, there are no restrictions on the class of feasible contractual arrangements ...
Cultural contracts first appeared in Communication Quarterly in 1999. Dr. Ronald L. Jackson came up with the original idea while negotiating a deal for a new house. [3] He was fascinated by the general outline of a contract and was interested in identity as a communication researcher, so the process struck a chord with him and made him think about how cultural diversity functions in our society.
Relational contract theory was originally developed in the United States by the legal scholars Ian Roderick Macneil and Stewart Macaulay. According to Macneil, the theory offered a response to the so-called "The Death of Contract" school’s nihilistic argument that a contract was not a fit subject for study as a whole; each different type of contract (e.g., sales, employment, negotiable ...
Social theories are analytical frameworks, or paradigms, that are used to study and interpret social phenomena. [1] A tool used by social scientists, social theories relate to historical debates over the validity and reliability of different methodologies (e.g. positivism and antipositivism), the primacy of either structure or agency, as well as the relationship between contingency and necessity.