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The Impact of Incomplete Contracts on Economics

Editor

Listed:
  • Aghion, Philippe
    (Harvard University)

  • Dewatripont, Mathias
    (Banque Nationale de Belgique)

  • Legros, Patrick
    (Universiti Libre de Bruxelles (ECARES))

  • Zingales, Luigi
    (Booth School of Business, University of Chicago)

Abstract

The 1986 article by Grossman and Hart "A Theory of Vertical and Lateral Integration " has provided a framework for understanding how firm boundaries are defined and how they affect economic performance. The property rights approach has provided a formal way to introduce incomplete contracting ideas into economic modeling. The Impact of Incomplete Contracts on Economics collects papers and opinion pieces on the impact that this property right approach to the firm has had on the economics profession. It shows that the impact has been felt sometimes in significant ways in a variety of fields, ranging from the theory of the firm and their internal organization to industrial organization, international trade, finance, management, public economy, and political economy and political science. Beyond acknowledging how the property rights approach has permeated economics as a whole, the contributions in the book also highlight the road ahead---how the paradigm may change the way research is performed in some of the fields, and what type of research is still missing. The book concludes with a discussion of the foundations of the property rights, and more generally the incomplete contracting, approaches and with a series of contributions showing how behavioral considerations may provide a new way forward. Contributors to this volume - Philippe Aghion Nabil I. Al-Najjar Luca Anderlini Pol Antras Efraim Benmelech Nicholas Bloom Patrick Bolton Wouter Dessein Mathias Dewatripont Leonardo Felli Paul Grout Henry Hansmann Bard Harstad Elhanan Helpman Richard Holden Bengt Holmstrom Thomas Hubbard Steve Kaplan Kai-Uwe Kuhn Francine Lafontaine Patrick Legros Josh Lerner Dalia Marin Eric Maskin W. Bentley McLeod John Moore Andrew F. Newman Rohan Pitchford John Roberts Gerard Roland Klaus Schmidt Antoinette Schoar Jeremy C. Stein Guido Tabellini Steven Tadelis Jean Tirole John Van Reenen Michael D. Whinston Christian Zehnder Luigi Zingales

Suggested Citation

  • Aghion, Philippe & Dewatripont, Mathias & Legros, Patrick & Zingales, Luigi (ed.), 2016. "The Impact of Incomplete Contracts on Economics," OUP Catalogue, Oxford University Press, number 9780199826216.
  • Handle: RePEc:oxp:obooks:9780199826216
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    as
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    1. repec:eee:gamebe:v:104:y:2017:i:c:p:706-725 is not listed on IDEAS
    2. Schmitz, Patrick W., 2017. "Incomplete contracts, shared ownership, and investment incentives," Journal of Economic Behavior & Organization, Elsevier, vol. 144(C), pages 153-165.
    3. Schmitz, Patrick W., 2016. "The negotiators who knew too much: Transaction costs and incomplete information," Economics Letters, Elsevier, vol. 145(C), pages 33-37.
    4. Schmitz, Patrick W., 2019. "Moral Hazard and the Property Rights Approach to the Theory of the Firm," CEPR Discussion Papers 13841, C.E.P.R. Discussion Papers.
    5. Schmitz, Patrick W., 2017. "Asymmetric information and the property rights approach to the theory of the firm," Economics Letters, Elsevier, vol. 159(C), pages 96-99.
    6. Kusterer, David J. & Schmitz, Patrick W., 2017. "The management of innovation: Experimental evidence," Games and Economic Behavior, Elsevier, vol. 104(C), pages 706-725.
    7. Chandan Kumar, 2018. "Opportunism and hold-up in the incomplete public private partnership (PPP) contracts," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2018-012, Indira Gandhi Institute of Development Research, Mumbai, India.

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