Ambiguous contracts: a syntactic approach
Simon Grant (),
Jeff Kline and
John Quiggin ()
No 153052, Risk and Sustainable Management Group Working Papers from University of Queensland, School of Economics
We focus on syntactic aspects of di¤erential awareness that give rise to contractual disputes. Boundedly rational parties use a common language, but do not share a common understanding of the world, leading to ambiguity in both syntactic and semantic forms. In contractual relationships, ambiguity leads to disagreement and disputes. We show that the agents may prefer simpler less ambiguous contracts when facing potential disputes.
Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uqsers:153052
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