This paper builds upon confrontation of contractual theory of the firm based on Hart et Moore (1990) with recent evidences on vertical disintegration of value chains. We identify a progressive redefinition of nature and role of the firm in these theories. Ownership are no more required for...

In this paper, we consider situations where agents face repeatedly the same decision problem. We focus on adaptive rules without beliefs. We distinguish between two kinds of models. Firstly, we study adaptive rules that are only based on private information. Decisions are made on the basis of...