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...

We develop a model of hierarchies based on the allocation of authority. A firm's owners have ultimate authority over a firm's decisions, but they have limited time or capacity to exercise this authority. Hence owners must delegate authority to subordinates. However, these subordinates also have...

In the last fifteen years or so, lawyers working in law and economics and economists with an interest in legal matters have turned their attention to the topic of bankruptcy. A large amount of work has resulted, both theoretical and empirical, some of which has been concerned with the...