This article considers the consequence of incomplete contracts that arise due to difficulties in precisely describing potentially relevant contingencies. Unlike much of the literature, this article concludes that the resulting incompleteness could often be immaterial with respect to economic...

This article asks which wrong doings should be considered criminal and which should be handled in some different manner. The answer is that when the state's commitment power is needed to provide deterrence, a wrong doing should be considered criminal. When, however, private parties can take...