The Evolution of Contracting: Evidence from the U.S. Freight Rail Industry

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Jeffrey Macher and John Mayo publish “The Evolution of Contracting: Evidence from the U.S. Freight Rail Industry” in the Journal of Law, Economics and Organization. This journal article examines whether and when economic actors employ contracts and how the propensity to contract evolves over time using an extensive database of spot-market and contract shipments in the U.S. freight rail industry. The authors find that the evolution of contracting is driven by many factors, including legislative changes, contracting experience, the extent and nature of prevailing competition, transaction complexity, asset specificity, and technological change.

Access the full article here: “The Evolution of Contracting: Evidence from the U.S. Freight Rail Industry”