Section Description Provided by Instructor
The seminar will focus on innovative contracts, spreading rapidly in various industries, that allow firms to collaborate in the development of new products under conditions of technological and market uncertainty. The seminar will meet seven times as a group in the fall. The fall sessions will provide students a basic foundation in the theory of contract design, specifically focusing on how parties (and their lawyers) attempt to cope with novel problems of incomplete and asymmetric information that increasingly plague commercial contracting. Topics during the first semester include analyses of design solutions to the ubiquitous problems of hidden information and hidden action, and the problem of protecting specific or co-specialized investments while still allowing for adjustment to an uncertain future.
Following the first seven sessions students will meet individually or in teams in tutorials with the professors to select a research topic. The research should attempt to refine or challenge a particular theoretical proposition by examining it in light of thorough analysis of pertinent commercial contracts, drawn from current practice, and seen in context.
Students will spend approximately 30 hours in class (including tutorials) and an additional 105 out of class hours in topic preparation and field research leading to papers of publishable quality.
The seminar thus may be of particular interest to students who want to understand the new forms of collaboration taking root in the most advanced sectors of the economy both in the US and globally.
The final grade will be based on class participation and the successful completion of a substantial research paper.
Method of Evaluation
J.D. Writing Credit
Minor (automatic), Major (only upon consultation)
LLM Writing Project
(only upon consultation)