More Is Less Why Parties May Deliberately Write Incomplete Contracts |
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| Author:
| Halonen-Akatwijuka, Maija
Hart, Oliver |
| Series title: | Elements in Law, Economics and Politics Ser. |
| ISBN: | 978-1-009-39607-3 |
| Publication Date: | Jun 2024 |
| Publisher: | Cambridge University Press
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| Book Format: | Paperback |
| List Price: | USD $22.00 |
Book Description:
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Why are contracts incomplete? Asymmetric information theories also have limitations. This Element offers an explanation based on contracts as 'reference points' showing if parties have different views about the division of surplus, an incomplete contract can be superior if including a contingency would lead to divergent reference points.
Why are contracts incomplete? Asymmetric information theories also have limitations. This Element offers an explanation based on contracts as 'reference points' showing if parties have different views about the division of surplus, an incomplete contract can be superior if including a contingency would lead to divergent reference points.