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Keyword: incomplete contracts;
4 results found.
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Nabil J Al-Najjar, Luca Anderlini and Leonardo Felli
We develop a model of unforeseen contingencies. These are contingencies that are understood by economic agents ' their consequences and probabilities are known' but are such that every description of such events necessar...Read more...
Luca Anderlini and Leonardo Felli
This paper explores the link between boundedly rational behaviour and incomplete contracts. The bounded rationality of the agents in our world is embodied in a constraint that the contracts they write must be algorithmic...Read more...
Ben Lockwood and David de Meza
The standard property-rights theory of the firm assumes that prior to investing in human capital, team members meet and negotiate asset ownership. This paper endogenizes the event sequence in a matching model of market e...Read more...
We identify and investigate the basic 'hold-up problem' which arises whenever each party to a contract has to pay some ex-ante cost for the contract to become feasible. We then proceed to show that, under plausible circu...Read more...