This verdict shows that there is still needed improvement, particularly regarding punishing collusive practices. Claudio A. Agostini, Eduardo Saavedra, & Manuel Willington, Alberto Hurtado University

Most of the incomplete contracting literature assumes courts of law perfectly distinguish verifiable from nonverifiable variables and that only claims related to the former can be brought to courts. We consider a more realistic enforcement technology: Parties are able to sign "vague contracts"...

This paper's purpose is to study the problem of a utility monopoly's regulator, which has a universal service goal that is binding, in the sense that there is no two-part tariff that can induce efficient consumption, self-finance the firm, and guarantee universal access at the same time.