交易成本与合约选择

Transaction Costs and Contract Choice

本文解释了在无明文规定的属性的合约中,交易当事人在面对不完全度量时可能发生的行为,揭示了交易中有一些属性实际上处于公共领域,控制这些属性所必需的资源,以及如何实现交易收益最大化。虽然缔约人不必界定清楚交易的所有属性,他们有办法限制潜在净损失的发生。实际上,可以设计出特定的合约形式,使得交易当事人为其行为负责。如果这种合约设计不可行,人们就可以用数量或价格约束来调整交易当事人行为,使其共同收益实现最大化。通过改变合约形式,也可以重新配置责任。尤其是将工资合约改为固定租金合约,每个交易当事人对其属性集的剩余控制权可以得到重新配置。

This paper explains possible actions the parties will take in the face of the incomplete specification of a contract,reveals that some of the at- tributes are in fact left in the public domain as well as the necessary resources to reclaim such attributes and also discusses ways to maximize the value of a contract.Whereas contractors need not stipulate on all attributes of transac- tions,they possess means to constrain the potential deadweight losses.In fact,contracts can be designed such that each of the transactors is induced to bear a share of the effect of his actions.Furthermore,when such assignments of contracts are impractical,quantity or price restrictions will be imposed to better align the individuals'behavior with the jointly maximizing one.In parti- cular,by switching from a wage to a fixed rent contract,each of the parties becomes a residual claimant to a very different set of attributes.