Damage Measures and Incomplete Contracts
AbstractI 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 InfoArticle provided by The RAND Corporation in its journal RAND Journal of Economics.
Volume (Year): 20 (1989)
Issue (Month): 1 (Spring)
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Web page: http://www.rje.org
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- Bernhard Ganglmair, 2008. "Breakup of Repeat Transaction Contracts, Specific Investment, and Efficient Rent-Seeking," JEPS Working Papers 08-001, JEPS.
- Adora Navarro, 2005. "Build-Operate-Transfer (BOT) Arrangements : The Experience and Policy Challenges," Microeconomics Working Papers 21978, East Asian Bureau of Economic Research.
- 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.
- Chiara Fumagalli & Massimo Motta & Thomas Rønde, 2009. "Exclusive Dealing: The Interaction between Foreclosure and Investment Promotion," Working Papers 2009.120, Fondazione Eni Enrico Mattei.
- 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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