Browsing by Subject "Total surplus"

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    Corruption, connections and transparency: does a better screen imply a better scene?
    (Springer New York LLC, 2001) Bac, M.
    A higher level of transparency in decision making increases the probability that corruption or wrongdoing is detected. It may also improve outsiders' information about the identities of key decision makers, thereby enhance incentives to establish "connections" for corruption. The connections effect may dominate the detection effect for local improvement in transparency and generate an increase in corruption, a prediction sharply in contrast with standard theories of transparency.
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    ItemOpen Access
    Impracticability
    (Springer, 2014) Aksoy, Hüseyin Can; Backhaus, J.
    The principle of pacta sund servanda requires that agreements must be kept. However such rule is not absolute. When performance of a contractual obligation becomes impracticable, i.e., considerably more burdensome (expensive) than originally contemplated –albeit physically possible- due to an unexpected event, this would lead to adaptation of the contract to the changed circumstances or to avoidance of the contract. In the law and economics literature, impracticability has been substantially studied to figure out who should bear the risk of impracticability; and what would be the efficient remedy for such breach of contract.