Foundations of Incomplete Contracts
50 Pages Posted: 30 Aug 2000 Last revised: 15 Apr 2024
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Foundations of Incomplete Contracts
Foundations of Incomplete Contracts
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.
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