NDLI: Demand for contract enforcement in a barter environment

Content Provider	Springer Nature Link
Author	Rubinchik, Anna Samaniego, Roberto M.
Copyright Year	2012
Abstract	Do greater potential gains from trade enhance or erode contracting institutions? In an anonymous exchange environment traders can sign a contract, hence agreeing to interact with the assigned partner, or wait till the next match. Any contract can be endorsed (for a payment) by the enforcement agency, which then observes the interaction with a positive probability known to the traders and punishes any detected infractors. Demand for contract enforcement is the highest amount a proposer of a contract is ready to pay to the agency, in a stationary subgame perfect equilibrium. It may be strictly positive, as we show, even when contracts are broken. Surprisingly, larger potential gains from exchange may dampen the demand, but not always: the demand is boosted under agencies that oversee the interactions frequently.
Starting Page	73
Ending Page	97
Page Count	25
File Format	PDF
ISSN	01761714
Journal	Social Choice and Welfare
Volume Number	41
Issue Number	1
e-ISSN	1432217X
Language	English
Publisher	Springer-Verlag
Publisher Date	2012-05-05
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Economic Theory Economics general
Content Type	Text
Resource Type	Article
Subject	Social Sciences Economics and Econometrics

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Demand for contract enforcement in a barter environment