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Foundations of Incomplete Contracts

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  • Hart, Oliver
  • Moore, John

Abstract

In the last few years, a new area has emerged in economic theory, which goes under the heading of 'incomplete contracting.' However, almost since its inception, the theory has been under attack for its lack of rigorous foundations. In this paper, the authors evaluate some of the criticisms that have been made of the theory, in particular, those in E. Maskin and J. Tirole (1999). In doing so, they develop a model that provides a rigorous foundation for the idea that contracts are incomplete. Copyright 1999 by The Review of Economic Studies Limited.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 66 (1999)
Issue (Month): 1 (January)
Pages: 115-38

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Handle: RePEc:bla:restud:v:66:y:1999:i:1:p:115-38

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  1. Oliver Hart & John Moore, 1988. "Property Rights and the Nature of the Firm," Working papers 495, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Grossman, Sanford J & Hart, Oliver, 1985. "The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration," CEPR Discussion Papers 70, C.E.P.R. Discussion Papers.
  3. Eric Maskin & John Moore, 1999. "Implementation and Renegotiation," Harvard Institute of Economic Research Working Papers 1863, Harvard - Institute of Economic Research.
  4. Maskin, Eric & Tirole, Jean, 1999. "Two Remarks on the Property-Rights Literature," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 139-49, January.
  5. Maskin, Eric & Tirole, Jean, 1999. "Unforeseen Contingencies and Incomplete Contracts," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 83-114, January.
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