A reader of my earlier post asked: "it seems you have become a blind-follower of him (here the reader is referring to professor Steven N.S. Cheung). He claim[s] to have invented the contract theory. Apparently, this claim is not shared in the profession."
Is it true that professor Cheung, as this reader claims, is the only person in the world who believes that he is the pioneer of the field contract economics?
Dean Lueck at U of Arizona wrote a paper entitled," Yoram Barzel and the New institutional Economics." On page 3, footnote 6, he wrote: "Indeed Cheung (1969) can lay claim to first possession of the idea that share contracts are designed to tradeoff moral hazard against risk avoidance. Stiglitz (1974) is usually thought to be the first and is most often cited as such."
Cheung (1969)of course refers to his book "A Theory of Share Tenancy." Need I say more?
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