Yale Law School
The New Palgrave Dictionary of Economics and the Law, edited by Peter Newman, 3 volumes (London: Macmillan Publishers; New York: Stockton Press), May 1998.
This essay reviews the normative implications of contractual incompleteness. It reaches two conclusions: First the state can complete contracts with efficient defaults in fewer cases than is commonly supposed. Second, making specific performance routinely available for contracts that are sufficiently complete for courts to enforce often will permit parties to achieve first best.
JEL Classification: K12Accepted Paper Series
Date posted: July 21, 1997
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