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The Impact of Incomplete Contracts on Economics

Editor

Listed:
  • Aghion, Philippe
    (Harvard University)

  • Dewatripont, Mathias
    (Banque Nationale de Belgique)

  • Legros, Patrick
    (Universiti Libre de Bruxelles (ECARES))

  • Zingales, Luigi
    (Booth School of Business, University of Chicago)

Abstract

The 1986 article by Grossman and Hart "A Theory of Vertical and Lateral Integration " has provided a framework for understanding how firm boundaries are defined and how they affect economic performance. The property rights approach has provided a formal way to introduce incomplete contracting ideas into economic modeling. The Impact of Incomplete Contracts on Economics collects papers and opinion pieces on the impact that this property right approach to the firm has had on the economics profession. It shows that the impact has been felt sometimes in significant ways in a variety of fields, ranging from the theory of the firm and their internal organization to industrial organization, international trade, finance, management, public economy, and political economy and political science. Beyond acknowledging how the property rights approach has permeated economics as a whole, the contributions in the book also highlight the road ahead---how the paradigm may change the way research is performed in some of the fields, and what type of research is still missing. The book concludes with a discussion of the foundations of the property rights, and more generally the incomplete contracting, approaches and with a series of contributions showing how behavioral considerations may provide a new way forward. Contributors to this volume - Philippe Aghion Nabil I. Al-Najjar Luca Anderlini Pol Antras Efraim Benmelech Nicholas Bloom Patrick Bolton Wouter Dessein Mathias Dewatripont Leonardo Felli Paul Grout Henry Hansmann Bard Harstad Elhanan Helpman Richard Holden Bengt Holmstrom Thomas Hubbard Steve Kaplan Kai-Uwe Kuhn Francine Lafontaine Patrick Legros Josh Lerner Dalia Marin Eric Maskin W. Bentley McLeod John Moore Andrew F. Newman Rohan Pitchford John Roberts Gerard Roland Klaus Schmidt Antoinette Schoar Jeremy C. Stein Guido Tabellini Steven Tadelis Jean Tirole John Van Reenen Michael D. Whinston Christian Zehnder Luigi Zingales

Suggested Citation

  • Aghion, Philippe & Dewatripont, Mathias & Legros, Patrick & Zingales, Luigi (ed.), 2016. "The Impact of Incomplete Contracts on Economics," OUP Catalogue, Oxford University Press, number 9780199826216.
    • Handle: RePEc:oxp:obooks:9780199826216
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    References listed on IDEAS

    as
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    Cited by:

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    2. Schmitz, Patrick W., 2021. "Optimal ownership of public goods under asymmetric information," Journal of Public Economics, Elsevier, vol. 198(C).
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    4. Schmitz, Patrick W., 2016. "The negotiators who knew too much: Transaction costs and incomplete information," Economics Letters, Elsevier, vol. 145(C), pages 33-37.
    5. Schmitz, Patrick W., 2020. "Moral hazard and the property rights approach to the theory of the firm," Economics Letters, Elsevier, vol. 186(C).
    6. Schmitz, Patrick W., 2017. "Asymmetric information and the property rights approach to the theory of the firm," Economics Letters, Elsevier, vol. 159(C), pages 96-99.
    7. Schmitz, Patrick W., 2023. "The proper scope of government reconsidered: Asymmetric information and incentive contracts," European Economic Review, Elsevier, vol. 157(C).
    8. Moriki Hosoe & Iltae Kim (ed.), 2020. "Applied Economic Analysis of Information and Risk," Springer Books, Springer, number 978-981-15-3300-6, April.
    9. Schmidt, Klaus, 2017. "The 2016 Nobel Memorial Prize in Contract Theory," Rationality and Competition Discussion Paper Series 19, CRC TRR 190 Rationality and Competition.
    10. Chandan Kumar, 2018. "Opportunism and hold-up in the incomplete public private partnership (PPP) contracts," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2018-012, Indira Gandhi Institute of Development Research, Mumbai, India.
    11. Schmitz, Patrick W. & Kusterer, David J., 2018. "Government versus Private Ownership of Public Goods: Experimental Evidence," CEPR Discussion Papers 13204, C.E.P.R. Discussion Papers.
    12. Kusterer, David J. & Schmitz, Patrick W., 2020. "Public goods, property rights, and investment incentives: An experimental investigation," Journal of Economic Behavior & Organization, Elsevier, vol. 177(C), pages 514-532.

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