The Impact of Incomplete Contracts on Economics

Edited by Philippe Aghion, Mathias Dewatripont, Patrick Legros and Luigi Zingales

in OUP Catalogue from Oxford University Press

Abstract: The 1986 article by Grossman and Hart "A Theory of Vertical and Lateral Integration " has provided a framework for understanding how firm boundaries are defined and how they affect economic performance. The property rights approach has provided a formal way to introduce incomplete contracting ideas into economic modeling. The Impact of Incomplete Contracts on Economics collects papers and opinion pieces on the impact that this property right approach to the firm has had on the economics profession. It shows that the impact has been felt sometimes in significant ways in a variety of fields, ranging from the theory of the firm and their internal organization to industrial organization, international trade, finance, management, public economy, and political economy and political science. Beyond acknowledging how the property rights approach has permeated economics as a whole, the contributions in the book also highlight the road ahead---how the paradigm may change the way research is performed in some of the fields, and what type of research is still missing. The book concludes with a discussion of the foundations of the property rights, and more generally the incomplete contracting, approaches and with a series of contributions showing how behavioral considerations may provide a new way forward. Contributors to this volume - Philippe Aghion Nabil I. Al-Najjar Luca Anderlini Pol Antras Efraim Benmelech Nicholas Bloom Patrick Bolton Wouter Dessein Mathias Dewatripont Leonardo Felli Paul Grout Henry Hansmann Bard Harstad Elhanan Helpman Richard Holden Bengt Holmstrom Thomas Hubbard Steve Kaplan Kai-Uwe Kuhn Francine Lafontaine Patrick Legros Josh Lerner Dalia Marin Eric Maskin W. Bentley McLeod John Moore Andrew F. Newman Rohan Pitchford John Roberts Gerard Roland Klaus Schmidt Antoinette Schoar Jeremy C. Stein Guido Tabellini Steven Tadelis Jean Tirole John Van Reenen Michael D. Whinston Christian Zehnder Luigi Zingales

Date: 2016
ISBN: 9780199826216
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (23)

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