Foundations of Incomplete Contracts

50 Pages Posted: 30 Aug 2000 Last revised: 19 Nov 2021

See all articles by Oliver Hart

Oliver Hart

Harvard University - Department of Economics; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI)

John Moore

University of Edinburgh - Economics; London School of Economics

Multiple version iconThere are 3 versions of this paper

Date Written: September 1998

Abstract

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

Suggested Citation

Hart, Oliver D. and Moore, John Hardman, Foundations of Incomplete Contracts (September 1998). Available at SSRN: https://ssrn.com/abstract=226378

Oliver D. Hart (Contact Author)

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John Hardman Moore

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