Maija Halonen-Akatwijuka: More is Less
More is Less
Buch
- Why Parties May Deliberately Write Incomplete Contracts
- Cambridge University Press, 05/2024
- Einband: Kartoniert / Broschiert
- Sprache: Englisch
- ISBN-13: 9781009396073
- Bestellnummer: 11871324
- Umfang: 34 Seiten
- Gewicht: 66 g
- Maße: 229 x 152 mm
- Stärke: 2 mm
- Erscheinungstermin: 23.5.2024
Achtung: Artikel ist nicht in deutscher Sprache!
Klappentext
"Why are contracts incomplete? Transaction costs and bounded rationality cannot be a total explanation since states of the world are often describable, foreseeable, and yet are not mentioned in a contract. Asymmetric information theories also have limitations. We offer an explanation based on "contracts as reference points". Including a contingency of the form, "The buyer will require a good in event E", has a benefit and a cost. The benefit is that if E occurs there is less to argue about; the cost is that the additional reference point provided by the outcome in E can hinder (re)negotiation in states outside E. We show that if parties agree about a reasonable division of surplus, an incomplete contract is strictly superior to a contingent contract. 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"--![Maija Halonen-Akatwijuka: More is Less, Buch](https://wom.de/image/w468/front/0/9781009396073.jpg)
Maija Halonen-Akatwijuka
,
More is Less
EUR 26,33*