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Damage Measures and Incomplete Contracts

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  • Jim Leitzel
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    Abstract

    I present a model of two-party contracts that allows for incomplete specification of future states and actions. I examine various damage measures under the assumption that courts protect only reasonable reliance expenditures so that parties make efficient reliance choices. The expectations damage measure is preferred to the alternative damage measures no matter what the contractual terms are.

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    Bibliographic Info

    Article provided by The RAND Corporation in its journal RAND Journal of Economics.

    Volume (Year): 20 (1989)
    Issue (Month): 1 (Spring)
    Pages: 92-101

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    Handle: RePEc:rje:randje:v:20:y:1989:i:spring:p:92-101

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    Cited by:
    1. Bernhard Ganglmair, 2008. "Breakup of Repeat Transaction Contracts, Specific Investment, and Efficient Rent-Seeking," JEPS Working Papers 08-001, JEPS.
    2. Adora Navarro, 2005. "Build-Operate-Transfer (BOT) Arrangements : The Experience and Policy Challenges," Microeconomics Working Papers 21978, East Asian Bureau of Economic Research.
    3. Fumagalli, Chiara & Motta, Massimo & Rønde, Thomas, 2009. "Exclusive dealing: the interaction between foreclosure and investment promotion," CEPR Discussion Papers 7240, C.E.P.R. Discussion Papers.
    4. Navarro, Adora, 2005. "Build-Operate-Transfer (BOT) Arrangements: The Experience and Policy Challenges," Discussion Papers DP 2005-01, Philippine Institute for Development Studies.

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