Economics: Contract Theory Workshop

20 June 2019, 10.00 AM - 21 June 2019, 3.00 PM

Wills Memorial Building / Berkeley Square

Read a full review of the 2019 Contract Theory Workshop.

Thursday 20 June

10:00 – 11:00 | Keynote lecture
Chair: Paul Grout (Bristol)
Introduction: Judith Squires, DVC & Provost (Bristol)
Oliver Hart (Harvard) Overcoming Contractual Incompleteness: The Role of Guiding Principles
Reception Room, Wills Memorial Building

11:00 – 11.30 | Coffee

11.30 – 13:00 | Principles-based contracts
Chair: Maija Halonen-Akatwijuka (Bristol)
Hal Bretan (Chief Counsel, BT Americas Inc.) A Practitioner’s Perspective:  The Need to Rethink Contracting Strategies
Tim Cummins (Founder of IACCM) Deriving Contract Economics through Principles-Based Contracts
Discussant: David Frydlinger (Managing Partner, Cirio law firm)
Moot Court Room, Berkeley Square (rest of the workshop)

13:00 – 14:00 | Lunch

14:00 – 15.30 | Smart contracts
Chair: Sarah Green (Bristol)
Stephanie Hurder (Founding Economist, Prysm group) The Economic Benefits and Challenges of Smart Contracts
Sarah Green (Bristol) Smart Contracts: A Matter of Interpretation
Discussant: Paul Grout (Bristol)

15.30 – 16:00 | Coffee

16:00 – 17.30 | Contracts and reference points
Chair: Tai-Wei Hu (Bristol)
Klaus Schmidt (LMU Munich) Organizational Change and Reference Dependent Preferences
Discussant: James Dow (London Business School)
Christian Zehnder (HEC Lausanne) Contracts, Conflicts and Communication
Discussant: Eugenio Proto (Bristol)

Friday 21 June

9.45 – 11:15 | Procurement contracts
Chair: Albert Sanchez Graells (Bristol)
Albert Sanchez Graells and Nina Boeger (Bristol) The Use of Public Contracts to Regulate the Provision of Outsourced Services
Piotr Bogdanowicz (Warsaw) Modification and Eventual Termination of Complex Public Contracts
Discussant: Susie Smith (Consultant, Bevan Brittan LLP)

11:15 – 11.45 | Coffee

11.45 – 12:30 | Compensation contracts
Chair: Battal Dogan (Bristol)
Eirik Gaard Kristiansen (Norwegian School of Economics) Fair and Square: A Theory of Managerial Compensation
Discussant: Øyvind Aas (ECARES Brussels)

12:00 – 14:00 | Lunch

14:00 – 15:00 | Closing discussion: Contract Theory - The next steps
Chair: Maija Halonen-Akatwijuka (Bristol)
Panel members: Sarah Green (Bristol), Oliver Hart (Harvard), Henrik Lando (Copenhagen Business School)


Maija Halonen-Akatwijuka (Chair), Paul Grout, In-Uck Park, School of Economics, Finance and Management, Sarah Green, Albert Sanchez Graells, University of Bristol Law School.


Faculty of Social Sciences and Law, Institute of Advanced Studies, School of Economics, Finance and Management and University of Bristol Law School.

Links to papers presented

Frydlinger and Hart (PDF, 464kB)

Ellingsen Kristiansen (PDF, 297kB)

Piotr Bogdanowicz (Office document, 801kB)

Tim Cummins (Office document, 258kB)

Hal Bretan (Office document, 1,218kB)

Ernst Fehr, Oliver Hart and Christian Zehnder (PDF, 318kB)

Nina Boeger and Albert Sanchez-Graells (PDF, 5,670kB)

Contact information

Paul Grout (
Maija Halonen-Akatwijuka (
In-Uck Park (

attendees at the 2019 contract theory workshop

Audience in the keynote lecture at the 2019 Contract Theory Workshop

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