Foundations of Incomplete Contracts

In the last few years a new area has emerged in economic theory, which goes under the heading of 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 (1998a). In doing so, we develop a model that provides a rigorous foundation for the idea that contracts are incomplete.

MoreLess

Year of publication:	1998-09
Authors:	Hart, Oliver D. ; Moore, John
Institutions:	National Bureau of Economic Research (NBER)

More details

Extent:	application/pdf
Series:	NBER Working Papers.
Type of publication:	Book / Working Paper
Notes:	CF published as Review of Economic Studies, Vol. 66, no. 1 (1999): 115-138. Number 6726
Classification:	D23 - Organizational Behavior; Transaction Costs; Property Rights
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005829665