Foundations of Incomplete Contracts
AbstractIn 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, we evaluate some of the criticisms that have been made of the theory, in particular, those in Maskin and Tirole (1998a). In doing so, we develop a model that provides a rigorous foundation for the idea that contracts are incomplete.
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Bibliographic InfoPaper provided by Harvard - Institute of Economic Research in its series Harvard Institute of Economic Research Working Papers with number 1846.
Date of creation: 1998
Date of revision:
Other versions of this item:
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
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- Eric Maskin & John Moore, 1999.
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- Oliver Hart & John Moore, 1988.
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495, Massachusetts Institute of Technology (MIT), Department of Economics.
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