Foundations of Incomplete Contracts
In 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, the authors evaluate some of the criticisms that have been made of the theory, in particular, those in E. Maskin and J. Tirole (1999). In doing so, they develop a model that provides a rigorous foundation for the idea that contracts are incomplete. Copyright 1999 by The Review of Economic Studies Limited.
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Volume (Year): 66 (1999)
Issue (Month): 1 (January)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Maskin, Eric & Tirole, Jean, 1999. "Unforeseen Contingencies and Incomplete Contracts," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 83-114, January.
- Maskin, Eric & Tirole, Jean, 1999. "Two Remarks on the Property-Rights Literature," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 139-49, January.
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1863, Harvard - Institute of Economic Research.
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