An Incomplete Contract Theory of Contract Duration and Specific Investment
AbstractThis 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 InfoPaper 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.
Length: 37 pages
Date of creation: 1997
Date of revision:
Postal: Helen Chapman, School of Economics, University of East Anglia, Norwich Research Park, Norwich, NR4 7TJ, UK
Find related papers by JEL classification:
- E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
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