Foundations of Incomplete Contracts
Posted: 9 Sep 1998
There are 3 versions of this paper
Foundations of Incomplete Contracts
LSE STICERD Research Paper No. TE358
Number of pages: 52
Posted: 16 Jul 2008
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323
Foundations of Incomplete Contracts
NBER Working Paper No. w6726
Number of pages: 50
Posted: 30 Aug 2000
Last Revised: 19 Nov 2022
Downloads
216
Date Written: August 1998
Abstract
In the last few years, a new area has emerged in economic theory, which goes under the heading "incomplete contracting." However, almost since its inception, the theory has been under attack for its lack of rigorous foundations. In this paper, we evaluate some of the criticisms that have been made of the theory, in particular, those in Maskin and Tirole (1998). In doing so, we develop a model that provides a rigorous foundation for the idea that contracts are incomplete.
JEL Classification: D23
Suggested Citation: Suggested Citation
Hart, Oliver D. and Moore, John Hardman, Foundations of Incomplete Contracts (August 1998). Available at SSRN: https://ssrn.com/abstract=121248
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