Path Dependence in Corporate Contracting: Increasing Returns, Herd Behavior and Cognitive Biases
Washington University Law Quarterly
Part I of this Article reviews our prior analysis of increasing returns in corporate contract terms. Within the rubric of increasing returns, we discuss learning and network externalities in corporate contracts. Parts II and III examine how agency costs and behavioral biases can lead to standardization.
Marcel Kahan and Michael Klausner,
Path Dependence in Corporate Contracting: Increasing Returns, Herd Behavior and Cognitive Biases,
74 Wash. U. L. Q. 347
Available at: https://openscholarship.wustl.edu/law_lawreview/vol74/iss2/3