Contradiction as a form of Contractual Incompleteness  

Oleh:

Heller, Dana ; Spiegler, Ran

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 118 no. 530 (Jul. 2008), page 875.
Topik: Contradiction; Contractual Incompleteness; Bounds; Complexity
Fulltext: 875.pdf (108.1KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.28 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

A simple model is presented, in which contradictory instructions are viewed as a type of contract incompleteness. The model provides a complexity-based rationale for contradictory instructions. If there are complexity bounds on the contract, there may be an incentive to introduce contradictions, leaving for another agent the task of interpreting them. The optimal amount of contradictions depends on the complexity bound, the conflict of interests with the interpreter and the institutional constraints on his interpretations. In particular, a higher complexity bound may result in a larger amount of contradictions.

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