Incomplete Contracts

Schwartz, Alan

Abstract

Citations

Incomplete Contracts

Alan Schwartz

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.

Abstract:
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: K12

Accepted Paper Series

Date posted: July 21, 1997

Suggested Citation

Schwartz, Alan, Incomplete Contracts. The New Palgrave Dictionary of Economics and the Law, edited by Peter Newman, 3 volumes (London: Macmillan Publishers; New York: Stockton Press), May 1998.. Available at SSRN: http://ssrn.com/abstract=10529

Contact Information

Alan Schwartz (Contact Author)

Yale Law School ( email )

P.O. Box 208215
New Haven, CT 06520-8215
United States
203-432-4030 (Phone)
203-432-8260 (Fax)