Ambiguity and contractual incompleteness

Zile Wang, Meichen Chen, Xiangdong Qin and Yufeng Shi

Applied Economics Letters, 2023, vol. 30, issue 11, 1422-1427

Abstract: We introduce ambiguous states into an experimental investigation of a tradeoff between contractual rigidity and flexibility. Ambiguity magnifies both parties’ pessimism in an incomplete context. Ambiguity aversion is revealed in their choice. More complex interactions emerge in ambiguous environments.

Date: 2023
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DOI: 10.1080/13504851.2022.2057909

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