Indescribability and asymmetric information at the contracting stage
AbstractMaskin and Tirole [Maskin, E., Tirole, J., 1999. Unforeseen contingencies and incomplete contracts. Review of Economic Studies, 66, 83-114] show that indescribability does not matter for contractual incompleteness when there is symmetric information both at the contracting stage and at the trading stage. Following their setup, I show that with asymmetric information at both stages, indescribability can matter.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 99 (2008)
Issue (Month): 2 (May)
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Web page: http://www.elsevier.com/locate/ecolet
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Oliver Hart & John Moore, 1998.
"Foundations of Incomplete Contracts,"
Harvard Institute of Economic Research Working Papers
1846, Harvard - Institute of Economic Research.
- Maskin, Eric & Tirole, Jean, 1999. "Unforeseen Contingencies and Incomplete Contracts," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 83-114, January.
- Takashi Kunimoto, 2010. "Indescribability and its irrelevance for contractual incompleteness," Review of Economic Design, Springer, vol. 14(3), pages 271-289, September.
- Maskin, Eric, 2002.
"On indescribable contingencies and incomplete contracts,"
European Economic Review,
Elsevier, vol. 46(4-5), pages 725-733, May.
- Eric Maskin, 2001. "On Indescribable Contingencies and Incomplete Contracts," Economics Working Papers 0008, Institute for Advanced Study, School of Social Science.
- Segal, Ilya, 1999. "Complexity and Renegotiation: A Foundation for Incomplete Contracts," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 57-82, January.
- Jean Tirole, 1999. "Incomplete Contracts: Where Do We Stand?," Econometrica, Econometric Society, vol. 67(4), pages 741-782, July.
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