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Indescribability and asymmetric information at the contracting stage

Takashi Kunimoto

Economics Letters, 2008, vol. 99, issue 2, 367-370

Abstract: Maskin and Tirole [Maskin, E., Tirole, J., 1999. Unforeseen contingencies and incomplete contracts. Review of Economic Studies, 66, 83-114] show that indescribability does not matter for contractual incompleteness when there is symmetric information both at the contracting stage and at the trading stage. Following their setup, I show that with asymmetric information at both stages, indescribability can matter.

Date: 2008
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Handle: RePEc:eee:ecolet:v:99:y:2008:i:2:p:367-370