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General mathematical model of incomplete contracts?
Announcing the arrival of Valued Associate #679: Cesar Manara
Unicorn Meta Zoo #1: Why another podcast?Principal agent questionExamples of Applied Micro Paper with R (!) Code and Data in Public RepositoryConvexity of the Market Demand FunctionBads utility functionLEN-Model equivalencyList of theoretical models of learningAdding a non-binding constraint to the objective functionPrincipal's beliefs in a repeated moral hazard problemGeneral model of economics, economics as mathematical structureDevising a model for inflation for a closed points system
$begingroup$
I have read various articles about incomplete contracts, like Hart's papers and Milgrom's papers.
But I have not found a paper that defines mathematically, in the most general way possible, what an contract is, and how a contract can be more, or less, "incomplete".
Is there a general model that has as special cases the incomplete contracts studied in the literature (e.g. by Hart, Incomplete Contracts and the Theory of the Firm, and others), and perhaps also as special case the complete contracts?
Note: I am not necessarily asking for a general model that can include all the reasons for incomplete contracts (thought that would be nice too). Just a model that can be used to state how (in)complete a particular contract is, whatever the reason.
microeconomics principal-agent contract-theory
edited 2 days ago
emeryville
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asked 2 days ago
user83014user83014
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I have read various articles about incomplete contracts, like Hart's papers and Milgrom's papers.
But I have not found a paper that defines mathematically, in the most general way possible, what an contract is, and how a contract can be more, or less, "incomplete".
Is there a general model that has as special cases the incomplete contracts studied in the literature (e.g. by Hart, Incomplete Contracts and the Theory of the Firm, and others), and perhaps also as special case the complete contracts?
Note: I am not necessarily asking for a general model that can include all the reasons for incomplete contracts (thought that would be nice too). Just a model that can be used to state how (in)complete a particular contract is, whatever the reason.
microeconomics principal-agent contract-theory
edited 2 days ago
emeryville
4,29711032
asked 2 days ago
user83014user83014
514
New contributor
user83014 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
$endgroup$
add a comment |
$begingroup$
I have read various articles about incomplete contracts, like Hart's papers and Milgrom's papers.
But I have not found a paper that defines mathematically, in the most general way possible, what an contract is, and how a contract can be more, or less, "incomplete".
Is there a general model that has as special cases the incomplete contracts studied in the literature (e.g. by Hart, Incomplete Contracts and the Theory of the Firm, and others), and perhaps also as special case the complete contracts?
Note: I am not necessarily asking for a general model that can include all the reasons for incomplete contracts (thought that would be nice too). Just a model that can be used to state how (in)complete a particular contract is, whatever the reason.
microeconomics principal-agent contract-theory
edited 2 days ago
emeryville
4,29711032
asked 2 days ago
user83014user83014
514
New contributor
user83014 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
$endgroup$
I have read various articles about incomplete contracts, like Hart's papers and Milgrom's papers.
But I have not found a paper that defines mathematically, in the most general way possible, what an contract is, and how a contract can be more, or less, "incomplete".
Is there a general model that has as special cases the incomplete contracts studied in the literature (e.g. by Hart, Incomplete Contracts and the Theory of the Firm, and others), and perhaps also as special case the complete contracts?
Note: I am not necessarily asking for a general model that can include all the reasons for incomplete contracts (thought that would be nice too). Just a model that can be used to state how (in)complete a particular contract is, whatever the reason.
microeconomics principal-agent contract-theory
microeconomics principal-agent contract-theory
edited 2 days ago
emeryville
4,29711032
asked 2 days ago
user83014user83014
514
New contributor
user83014 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
edited 2 days ago
emeryville
4,29711032
asked 2 days ago
user83014user83014
514
New contributor
user83014 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
edited 2 days ago
emeryville
4,29711032
edited 2 days ago
emeryville
4,29711032
edited 2 days ago
emeryville
4,29711032
4,29711032
asked 2 days ago
user83014user83014
514
New contributor
user83014 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 2 days ago
user83014user83014
514
asked 2 days ago
user83014user83014
514
514
New contributor
user83014 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
user83014 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
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add a comment |
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Just a model that can be used to state how (in)complete a particular contract is, whatever the reason.
- I remember a debate at the end of the 90's on Incomplete Contracts: Where do We Stand? by Jean Tirole and Foundations of Incomplete Contracts by Hart and Moore, where they develop a model that provides a rigorous foundation for the idea that contracts are incomplete, followed by Complexity and Renegotiation: A Foundation for Incomplete Contracts by Segal.
- Check also this book The Impact of Incomplete Contracts on Economics (2006) by Aghion, Dewatripont, Legros, and Zingales, including Comments on the Foundations of Incomplete Contracts by Maskin.
- An interesting paper by Tirole Cognition and Incomplete Contracts: Thinking about contingencies, designing covenants, and seeing through their implications is costly. Parties to a contract accordingly use heuristics and leave it incomplete. The paper develops a model of limited cognition and examines its consequences for contractual design.
answered 2 days ago
emeryvilleemeryville
4,29711032
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1 Answer
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$begingroup$
Just a model that can be used to state how (in)complete a particular contract is, whatever the reason.
- I remember a debate at the end of the 90's on Incomplete Contracts: Where do We Stand? by Jean Tirole and Foundations of Incomplete Contracts by Hart and Moore, where they develop a model that provides a rigorous foundation for the idea that contracts are incomplete, followed by Complexity and Renegotiation: A Foundation for Incomplete Contracts by Segal.
- Check also this book The Impact of Incomplete Contracts on Economics (2006) by Aghion, Dewatripont, Legros, and Zingales, including Comments on the Foundations of Incomplete Contracts by Maskin.
- An interesting paper by Tirole Cognition and Incomplete Contracts: Thinking about contingencies, designing covenants, and seeing through their implications is costly. Parties to a contract accordingly use heuristics and leave it incomplete. The paper develops a model of limited cognition and examines its consequences for contractual design.
answered 2 days ago
emeryvilleemeryville
4,29711032
$endgroup$
add a comment |
$begingroup$
Just a model that can be used to state how (in)complete a particular contract is, whatever the reason.
- I remember a debate at the end of the 90's on Incomplete Contracts: Where do We Stand? by Jean Tirole and Foundations of Incomplete Contracts by Hart and Moore, where they develop a model that provides a rigorous foundation for the idea that contracts are incomplete, followed by Complexity and Renegotiation: A Foundation for Incomplete Contracts by Segal.
- Check also this book The Impact of Incomplete Contracts on Economics (2006) by Aghion, Dewatripont, Legros, and Zingales, including Comments on the Foundations of Incomplete Contracts by Maskin.
- An interesting paper by Tirole Cognition and Incomplete Contracts: Thinking about contingencies, designing covenants, and seeing through their implications is costly. Parties to a contract accordingly use heuristics and leave it incomplete. The paper develops a model of limited cognition and examines its consequences for contractual design.
answered 2 days ago
emeryvilleemeryville
4,29711032
$endgroup$
add a comment |
$begingroup$
Just a model that can be used to state how (in)complete a particular contract is, whatever the reason.
- I remember a debate at the end of the 90's on Incomplete Contracts: Where do We Stand? by Jean Tirole and Foundations of Incomplete Contracts by Hart and Moore, where they develop a model that provides a rigorous foundation for the idea that contracts are incomplete, followed by Complexity and Renegotiation: A Foundation for Incomplete Contracts by Segal.
- Check also this book The Impact of Incomplete Contracts on Economics (2006) by Aghion, Dewatripont, Legros, and Zingales, including Comments on the Foundations of Incomplete Contracts by Maskin.
- An interesting paper by Tirole Cognition and Incomplete Contracts: Thinking about contingencies, designing covenants, and seeing through their implications is costly. Parties to a contract accordingly use heuristics and leave it incomplete. The paper develops a model of limited cognition and examines its consequences for contractual design.
answered 2 days ago
emeryvilleemeryville
4,29711032
$endgroup$
Just a model that can be used to state how (in)complete a particular contract is, whatever the reason.
- I remember a debate at the end of the 90's on Incomplete Contracts: Where do We Stand? by Jean Tirole and Foundations of Incomplete Contracts by Hart and Moore, where they develop a model that provides a rigorous foundation for the idea that contracts are incomplete, followed by Complexity and Renegotiation: A Foundation for Incomplete Contracts by Segal.
- Check also this book The Impact of Incomplete Contracts on Economics (2006) by Aghion, Dewatripont, Legros, and Zingales, including Comments on the Foundations of Incomplete Contracts by Maskin.
- An interesting paper by Tirole Cognition and Incomplete Contracts: Thinking about contingencies, designing covenants, and seeing through their implications is costly. Parties to a contract accordingly use heuristics and leave it incomplete. The paper develops a model of limited cognition and examines its consequences for contractual design.
answered 2 days ago
emeryvilleemeryville
4,29711032
answered 2 days ago
emeryvilleemeryville
4,29711032
answered 2 days ago
emeryvilleemeryville
4,29711032
answered 2 days ago
emeryvilleemeryville
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4,29711032
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