Foundations of Incomplete Contracts - (Now published in Review of Economic Studies, vol.66 (1), 1999, pp.115-138.)

Oliver Hart and John Moore

STICERD - Theoretical Economics Paper Series from Suntory and Toyota International Centres for Economics and Related Disciplines, LSE

Abstract: In the last few years, a new area has emerged in economic theory, which goes under the heading of 'incomplete contracting'. 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.

Keywords: Incomplete contracting; rigorous foundations; economic theory. (search for similar items in EconPapers)
Date: 1998-09
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Persistent link: https://EconPapers.repec.org/RePEc:cep:stitep:358

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