Hart, O.; Moore, J. - Harvard Institute of Economic Research (HIER), … - 1998
In the last few years, a new area has emerged in economic theory, which goes under the heading of "incomplete … contracting". However, almos since its inception, the theory has been under attach 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 of Maskin and Tirole (1998 …