implementation of the theory in open-economy environments and its implications for the international organization of production and … property-rights theory. Along the way, I develop novel theoretical results and also outline some of the key limitations of …

incomplete. Since real-world IEAs fit in the incomplete contracting environment, our theory may help explaining the rising …

of factors highlighted in the theory are shown to be important in accounting for delegation, such as heterogeneity and …

In the last few years a new area has emerged in economic theory, which goes under the heading of However, almost since … its inception, the theory has been under attack for its lack of rigorous foundations. In this paper, we evaluate some of … the criticisms that have been made of the theory, in particular, those in Maskin and Tirole (1998a). In doing so, we …