Cooperative investments induced by contract law
重新审视合作投资情境下合同法的经济分析，指出双边预期损害赔偿能实现最优投资激励，纠正了以往单边预期损害赔偿表现不佳的结论。
I revisit the economic analysis of contract law for a setting of cooperative investments. While Che and Chung (1999) have shown that expectation damages perform rather poorly, I argue that this negative result follows from their implicit assumption of unilateral expectation damages. Yet the very nature of cooperative investments gives rise to the possibility that both parties may claim expectation damages. I show that such a regime of bilateral expectation damages provides the incentives for the first‐best solution even in a framework of binary choice where, for selfish investments, the traditional overreliance result would hold .