Foundations of Incomplete Contracts

Oliver Hart and John Moore

Harvard Institute of Economic Research Working Papers from Harvard - Institute of Economic Research

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.

Date: 1998
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Citations: View citations in EconPapers (20)

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Related works:
Journal Article: Foundations of Incomplete Contracts (1999)
Working Paper: Foundations of incomplete contracts (1998)
Working Paper: Foundations of Incomplete Contracts (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:harver:1846

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