Setting the decommitment penalties Sample Clauses

Setting the decommitment penalties. In leveled commitment contracts, the penalties could be chosen freely by the agents, in which case each agent would try to optimize the penalties in its favor. The negotiation will be more complex if the agents can decide the penalties themselves compared to when they are set by the protocol because there would be more variables to agree on in order for all parties to accept a contract. If the penalties are set by the protocol,the negotiation becomes easier,but the result may not be optimal (e.g., xed penalties do not guarantee that it is is pro table for the agents to decommit in all situations where a decommitment is mutually pro table for the agents involved in the contract). Another method is to relate the decommitment penalty to the price of the contract. This could be done by choosing the penalty as a percentage (or a more complex function) of the price. Another way is to make the penalties compensate the victim of the breach for its lost pro t. Because the victim would have an incentive to lie about the expected pro t, a mechanism for calculating the lost pro t would be necessary. The state of both agents might have changed since the contract was made,so the expected lost pro t at contracting time and breaching time may di er. In the extreme,the lost pro t for the victim can be negative at breaching time,that is,also the victim of the breach bene ts from being freed from the contract obligations.
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