Thesis (Ph. D.)--University of Hong Kong, 2007. / Title proper from title frame. Also available in printed format.

Univ., Diss.--Cergy-Pontoise, 2004.

This dissertation studies three different aspects linked to the literature on self-enforcing dynamic contracts. Namely, this dissertation examines how a solution to this type of economic models may be obtained numerically, how important enforcement issues might be for a common question in economics, and how the presence of self-enforcing constraints may be investigated empirically. It is composed of three essays. The first essay develops a numerical method designed to approximate the solution of models with self-enforcing constraints using a dynamic programming approach. This method may also be used to approximate the solution of general dynamic models with occasionally binding inequality constraints. It complements standard value function iteration algorithm with an interpolation scheme which preserves the concavity and the monotonicity of the value function. It has the advantage over usual value function iteration algorithms of procuring a reasonable degree of accuracy at a relatively lower computational cost. The second essay uses dynamic contract theory to analyze the joint behavior of investment decisions and financial flows when contracts between lenders and borrowers are subject to enforcement constraints. In contrast to the usual belief that financing constraints lead firms to underinvest, this essay shows that firms are likely to overinvest. While overinvestment is shown to be consistent with the empirical finding that investment spending is excessively sensitive to variations in internal funds' abundance, it does not give rise to a financial accelerator. The key feature of this model is that firms' production and financial capacities are simultaneously determined. Firms overinvest when external funds are relatively inexpensive if they apprehend the possibility of becoming financially constrained in the future. By increasing their production capacity in such a way, firms alleviate eventual shortages of funds arising from the fact that external finance has become limited. Finally, the third essay studies how a common implication arising from the literature on self-enforcing contracts may be tested empirically. A key feature of a long-term self-enforcing contract is that the quantity subject to its terms evolves over time according to a simple updating rule; it is set to its full-enforcement level whenever doing so does not induce one of the agents to renege. Otherwise, it is set to a self-enforcing level. Using the example of Thomas and Worrall's (1988) labor contract model (to which productivity growth is added), it is shown that this updating rule may be expressed as an endogenous switching-regression model. Panel data may be used to estimate this model. When there are measurement errors, Monte-Carlo experiments show that the switchingregression model usually has a poor goodness of fit in small data sets. However, despite this finding, tests of the null hypothesis that conventional contract models generate the data under scrutiny still have a high power against the alternative hypothesis that this data is characterized by the presence of enforcement constraints.

Thesis (doctoral)--Universität Breslau, 1914. / Includes bibliographical references ([vii]-x).

This dissertation studies three different aspects linked to the literature on self-enforcing dynamic contracts. Namely, this dissertation examines how a solution to this type of economic models may be obtained numerically, how important enforcement issues might be for a common question in economics, and how the presence of self-enforcing constraints may be investigated empirically. It is composed of three essays. The first essay develops a numerical method designed to approximate the solution of models with self-enforcing constraints using a dynamic programming approach. This method may also be used to approximate the solution of general dynamic models with occasionally binding inequality constraints. It complements standard value function iteration algorithm with an interpolation scheme which preserves the concavity and the monotonicity of the value function. It has the advantage over usual value function iteration algorithms of procuring a reasonable degree of accuracy at a relatively lower computational cost. The second essay uses dynamic contract theory to analyze the joint behavior of investment decisions and financial flows when contracts between lenders and borrowers are subject to enforcement constraints. In contrast to the usual belief that financing constraints lead firms to underinvest, this essay shows that firms are likely to overinvest. While overinvestment is shown to be consistent with the empirical finding that investment spending is excessively sensitive to variations in internal funds' abundance, it does not give rise to a financial accelerator. The key feature of this model is that firms' production and financial capacities are simultaneously determined. Firms overinvest when external funds are relatively inexpensive if they apprehend the possibility of becoming financially constrained in the future. By increasing their production capacity in such a way, firms alleviate eventual shortages of funds arising from the fact that external finance has become limited. Finally, the third essay studies how a common implication arising from the literature on self-enforcing contracts may be tested empirically. A key feature of a long-term self-enforcing contract is that the quantity subject to its terms evolves over time according to a simple updating rule; it is set to its full-enforcement level whenever doing so does not induce one of the agents to renege. Otherwise, it is set to a self-enforcing level. Using the example of Thomas and Worrall's (1988) labor contract model (to which productivity growth is added), it is shown that this updating rule may be expressed as an endogenous switching-regression model. Panel data may be used to estimate this model. When there are measurement errors, Monte-Carlo experiments show that the switchingregression model usually has a poor goodness of fit in small data sets. However, despite this finding, tests of the null hypothesis that conventional contract models generate the data under scrutiny still have a high power against the alternative hypothesis that this data is characterized by the presence of enforcement constraints. / Arts, Faculty of / Vancouver School of Economics / Graduate

published_or_final_version / abstract / Psychology / Doctoral / Doctor of Philosophy

Thesis (doctoral)--Universität Greifswald.

Thesis (doctoral)--Universität Breslau.

Thesis (doctoral)--Universiẗat Hamburg, 2006. / Includes bibliographical references (p. xi-xxiii).

This thesis focuses on remedies for a breach of the Contract of Sale of Goods under English and Saudi law, wherever the Contract is in the course of business. The primary aim of the thesis is to describe and analyse those remedies and how each of the above legal regimes has dealt with breaches. For this purpose, the remedies must be analysed to identify differences and similarities between the two regimes, while at the same time highlighting the weaknesses and strengths of each. In addition, the reasons why the two legal systems have adopted their respective approaches in favouring specific remedies will be considered, in order to determine whether there are any differences in the underlying legal principles affecting the de facto results for the Buyer and Seller. In so doing, the aim is to provide a detailed and ingenious analysis, which may be of assistance in understanding each regime.