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An Incomplete Contract Theory of Contract Duration and Specific Investment

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  • Lyons, B.R.
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    Abstract

    This paper develops a theoretical model of contract duration. The model fills a gap in incomplete contract theories, which for the most part assume timeless contracting, or contracts which last for the full life of a specific investment. The model reveals an asymmetry between buyer and seller investment, and the precise sense in which duration can be expected to depend on specific investments. It also addresses the importance of the background legal system.

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    Bibliographic Info

    Paper provided by School of Economics, University of East Anglia, Norwich, UK. in its series University of East Anglia Discussion Papers in Economics with number 9707.

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    Length: 37 pages
    Date of creation: 1997
    Date of revision:
    Handle: RePEc:uea:papers:9707

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    Postal: Norwich NR4 7TI
    Phone: 44 1603 591131
    Fax: +44(0)1603 4562592
    Web page: http://www.uea.ac.uk/eco/
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    Postal: Helen Chapman, School of Economics, University of East Anglia, Norwich Research Park, Norwich, NR4 7TJ, UK
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    Keywords: CONTRACTS ; INVESTMENTS;

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