Patent Pools University of Wisconsin–Madison威斯康星大学麦迪逊–专利池.pptVIP

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Patent Pools University of Wisconsin–Madison威斯康星大学麦迪逊–专利池.ppt

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Patent Pools University of Wisconsin–Madison威斯康星大学麦迪逊–专利池

Quint - Patent Pools Econ 522Economics of Law Reminders Why do we need contracts? Why do we need contracts? Example: the agency (trust) game (One solution: reputation) Another solution: legally binding promises So… what types of promises should be enforced by the law? The bargain theory of contracts What is consideration? What is consideration? The bargain theory does not distinguish between fair and unfair bargains Under the bargain theory, what is the remedy? Problems with the bargain theory Problems with the bargain theory What promises should be enforced? What promises should be enforced? What promises should be enforced? So now we know… Information Information Information Next question Breach Breach When is breach of contract efficient? When is breach of contract efficient? How do we expect promisors to behave? Can we design the law to get only efficient breach of contract? Can we design the law to get only efficient breach of contract? Back to airplane example Another way to think about expectation damages: eliminating an externality What would happen under other remedies? Of course, with low TC, we could always negotiate around an inefficient rule (Coase) Another reason the remedy for breach matters: investment in performance Another reason the remedy for breach matters: investment in performance So now we’ve seen three things contract law can accomplish… This suggests other ways that contract law can facilitate efficient trade Contract law could give me a way to offer a legally binding warranty Or contract law could impose on me a legal obligation to truthfully tell you anything I know about the condition of the car That is, once we’ve signed a contract for you to buy my car, contract law could make me liable for any mechanical problems with the car that I didn’t warn you about In this case, requiring me to share information is efficient, since it reduces your uncertainty about the value of the car, and therefore gives us a way to trade Which brings us to…