Construct · 1 fields · 1 citations

incomplete contracts: a standalone construct

One name. One construct. A landmark on the map.

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Economics

contracts cannot specify all contingencies, so ownership of assets, which gives residual control, matters.

In economics, incomplete contracts refers to contracts cannot specify all contingencies, so ownership of assets, which gives residual control, matters. This meaning comes from Grossman (1986) in Journal of Political Economy.[1]

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Nearby constructs

control4 fields · 5 citationsjingle · one word, four constructs ownership4 fields · 5 citationsjingle · one word, four constructs residual4 fields · 4 citationsjingle · one word, four constructs

References

Grossman, S. J., & Hart, O. D. (1986). The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration. Journal of Political Economy, 94(4), 691-719. https://doi.org/10.1086/261404

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