There is a tradeoff that must be addressed any time a contract is written; whether or not to make a contract flexible but incomplete or rigid but comprehensive. This paper investigates the completeness of hydroelectric license contracts over a nearly three decade time span and finds that as...

The Federal Energy Regulatory Commission must balance environmental protection of riverine resources with the nation's growing demand for power production every time it issues a new hydroelectric license. This paper models the bureaucratic agency's decision making process in issuing these...