Topic
Free contract
About: Free contract is a research topic. Over the lifetime, 18 publications have been published within this topic receiving 248 citations.
Papers
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TL;DR: In this article, a model for word-of-mouth (WoM) management where a firm has two tools at hand: offering referral rewards and offering a free contract is proposed.
Abstract: We propose a model for word-of-mouth (WoM) management where a firm has two tools at hand: offering referral rewards and offering a free contract. Current customers’ incentives to engage in WoM can ...
12 citations
Book•
01 Jan 2003
TL;DR: In this article, the authors introduce contract law, and treat remedies for breach of contract, contract and contract and continuing relations, and social control of free contract Chapters in volume two cover formation of contract; incomplete planning; flexibility and enforceability; the deal is closed - but what is it?; problems concerning the adjustment or modification of performance terms; performance and contract; and adjusting to changed circumstances - risks assumed and imposed.
Abstract: Introducing contract law, volume one of this text treats remedies for breach of contract, contract and continuing relations, and social control of free contract Chapters in volume two cover formation of contract; incomplete planning; flexibility and enforceability; the deal is closed - but what is it?; problems concerning the adjustment or modification of performance terms; performance and breach of contract; and adjusting to changed circumstances - risks assumed and imposed Each volume may be ordered separately and this casebook is also available in a single, hardbound volume
10 citations
TL;DR: It is shown that offering a free contract is optimal only if the fraction of premium users in the population is small, which is consistent with the observation that companies that successfully offer freemium contracts oftentimes have a high percentage of free users.
Abstract: We incorporate word of mouth (WoM) in a classic Maskin-Riley contracting problem, allowing for referral rewards to senders of WoM. Current customers’ incentives to engage in WoM can affect the contracting problem of a firm in the presence of positive externalities of users. We fully characterize the optimal contract scheme and provide other comparative statics. In particular, we show that offering a free contract is optimal only if the fraction of premium users in the population is small. The reason is that by offering a free product, the firm can incentivize senders to talk by increasing expected externalities that they receive and this can (partly) substitute for paying referral rewards only if there are few premium customers. This result is consistent with the observation that companies that successfully offer freemium contracts oftentimes have a high percentage of free users.
6 citations
TL;DR: Clark as discussed by the authors proposed an "economics of responsibility" in which business recognized and accepted its responsibility for the public interest and in which the rest of society worked toward that same end, and the role of public opinion in potentially bringing about corporate responsibility.
Abstract: In his 1930 essay, "The Socializing of Theoretical Economics," John Maurice Clark criticized orthodox economics, or, as he termed it, "Euclidean economics" (Clark 1921, 132 ff.). He believed that the treatment of business under orthodox economics-which asserted the primacy of individualism, free contract, and laissez-faire-produced an "economics of irresponsibility." By this he meant excessive individualism and a denial of any responsibility for the public interest. In its place, he proposed an "economics of responsibility" in which business recognized and accepted its responsibility for the public interest and in which the rest of society worked toward that same end (29). In the first part of this paper, we sketch out Clark's critique of Euclidean economics and his economics of responsibility. The second part is devoted to a brief discussion of the various options for social control of business which Clark believed to be necessary for an economics of responsibility. In the third part, we consider the role of public opinion in potentially bringing about corporate responsibility.
6 citations
TL;DR: Sensitivity analyses and managerial insights indicate better performance of the SC under the proposed coordinated decision scheme, which can stimulate demand and results in more profit for supply chain (SC) members.
6 citations