Year: 1998
Type: article
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 (1999a). In doing so, we develop a model that provides a rigorous foundation for the idea that contracts are incomplete.
Source: The Review of Economic Studies
DOI: 10.3386/w6726
Authors: Oliver Hart, John Moore
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W1972576501