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Vague Terms: Contracting when Precision in Terms is Infeasible

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Author Info
Benjamin E. Hermalin

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Abstract

This article considers the consequence of incomplete contracts that arise due to difficulties in precisely describing potentially relevant contingencies. Unlike much of the literature, this article concludes that the resulting incompleteness could often be immaterial with respect to economic efficiency. Indeed, attempts to "improve" matters by increasing the accuracy with which the courts determine which events occurred can, in fact, be welfare reducing, casting doubt on the view that greater judicial accuracy is always beneficial.

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Publisher Info
Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

Volume (Year): 164 (2008)
Issue (Month): 1 (March)
Pages: 76-94
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Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200803)164:1_76:vtcwpi_2.0.tx_2-c

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Find related papers by JEL classification:
K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process
D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law

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