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Complexity and Renegotiation: A Foundation for Incomplete Contracts 总被引:13,自引:0,他引:13
Ilya Segal 《The Review of economic studies》1999,66(1):57-82
The paper considers a hold-up model where only one of n future trading opportunities will prove to be efficient, and where ex post renegotiation of the ex ante contract cannot be prevented. As the environment becomes more complex ( n →∞), the outcome under any message-contingent long-term contract converges to that of the "incomplete contracting" model where trade is contractible ex post , but not ex ante . When trades are costly to describe, both ex ante and ex post , the incomplete contracting result is extended to a broader class of environments. 相似文献