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Keyword: incomplete contracts;
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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...
February 2002
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...
December 2000
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...
December 1998
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...
October 1998