“It is the implicit psychological and sociological assumption in the dominant law and economics literature of rational economic behaviour as narrowly individual utility-maximization that has run out of explanatory productivity in the case of long-term contracts and must be regarded as false. Efficient long-term contractual behaviour must be understood as consciously co-operative. We see a long-term contract as an analogy to a partnership. The parties are not aiming at utility-maximisation directly through performance of specified obligations, rather, they are aiming at utility-maximisation indirectly through long-term co-operative behaviour manifested in trust and not in reliance on obligations specified in advance. The co-operative mechanism by which utility is achieved in a long-term relationship is radically different from that in the paradigmatic, short-term, specified contract. The precise conduct required by future long-term co-operation is necessarily unable to be specified in advance and the shares in the joint product of that co-operation are equally not specified in advance. The parties accept a general and productively vague norm of fairness in the conduct of their relationship.”2