Journal Article

Foundations of Incomplete Contracts

Oliver Hart and John Moore

in The Review of Economic Studies

Published on behalf of Review of Economic Studies Ltd

Volume 66, issue 1, pages 115-138
Published in print January 1999 | ISSN: 0034-6527
Published online January 1999 | e-ISSN: 1467-937X | DOI: http://dx.doi.org/10.1111/1467-937X.00080
Foundations of Incomplete Contracts

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In the last few years, a new area has emerged in economic theory, which goes under the heading of “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 (1999a). In doing so, we develop a model that provides a rigorous foundation for the idea that contracts are incomplete.

Journal Article.  0 words. 

Subjects: Economics

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