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Foundations of Incomplete Contracts

50 Pages Posted: 30 Aug 2000  

Oliver Hart

Harvard University - Department of Economics; National Bureau of Economic Research (NBER)

John Moore

University of Edinburgh - Economics; London School of Economics

Multiple version iconThere are 3 versions of this paper

Date Written: September 1998

Abstract

In the last few years a new area has emerged in economic theory, which goes under the heading of 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 (1998a). In doing so, we develop a model that provides a rigorous foundation for the idea that contracts are incomplete.

Suggested Citation

Hart , Oliver and Moore, John, Foundations of Incomplete Contracts (September 1998). NBER Working Paper No. w6726. Available at SSRN: https://ssrn.com/abstract=226378

Oliver D. Hart (Contact Author)

Harvard University - Department of Economics ( email )

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John Hardman Moore

University of Edinburgh - Economics ( email )

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London School of Economics ( email )

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