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Foundations of Incomplete Contracts

Author

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  • Oliver Hart
  • John Moore

Abstract

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, we evaluate some of the criticisms that have been made of the theory, in particular, those in Maskin and Tirole (1999a). In doing so, we develop a model that provides a rigorous foundation for the idea that contracts are incomplete.

Suggested Citation

  • Oliver Hart & John Moore, 1999. "Foundations of Incomplete Contracts," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 66(1), pages 115-138.
    • Handle: RePEc:oup:restud:v:66:y:1999:i:1:p:115-138.
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    File URL: http://hdl.handle.net/10.1111/1467-937X.00080
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    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights

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