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Relative Property Rights - Osvaldo Grajales.ppt

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O S V A L D O G R A J A L E S U N I V E R S I T Y O F A P P L I E D S C I E N C E S S C H M A L K A L D E N I N S T I T U T I O N A L E C O N O M I C S P R O F. D R . K O N R A D B E I WI N K E L AGENDA 1. Contractual Obligations 2. Basic Principles of Contractual Obligations 3. Types of Contractual Obligations 4. Contracts Theory Economist Viewpoint 5. Economic Contract Theories 6. Types of Private Ordering 7. Williamson´s Efficient Governance Models 1. CONTR
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  OSVALDO GRAJALES UNIVERSITY OF APPLIED SCIENCES SCHMALKALDEN INSTITUTIONAL ECONOMICS PROF. DR. KONRAD BEIWINKEL  AGENDA 1.Contractual Obligations 2.Basic Principles of Contractual Obligations 3.Types of Contractual Obligations 4.Contracts Theory Economist Viewpoint 5.Economic Contract Theories 6.Types of Private Ordering 7.Williamson´s Efficient Governance Models  1.CONTRACTUAL OBLIGATIONS People in modern society operate within a social network of legally binding and legally nonbinding obligations into which they enter either voluntarily or though compulsion. Relative property rights consist of a claim of a certain individual (obligee), against one or more other individuals (the obligor/s), and can only be exercised by them.  2. BASIC PRINCIPLES OF CONTRACTUAL OBLIGATIONS Contractual obligations can be prepared, concluded and exercised within various institutional frameworks. Neoclassical Economics - Crucial institutions are taken to be the market and the firm Focus on ideal types of the “Perfect Market” and the “Profit Maximizing” - Obligations are controlled by competition in a world full of information. Neoclassical Firm  –  Contractual obligations are directed by an efficient hierarchy. Which can process information instantly and costlessly.
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