Foundations of Incomplete Contracts

Oliver D. Hart and John Moore

No 6726, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: D23 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cdm, nep-mic and nep-pke
Date: 1998-09
Note: CF
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Related works:
Working Paper: Foundations of Incomplete Contracts (1998)
Journal Article: Foundations of Incomplete Contracts (1999)
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