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vendor to supply a given quantity. The contract is incomplete as the agent's research behaviour is unobservable and is not in …
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When drafting a contract, it is often impossible for the parties to consider and specify in the contract all kinds of … incomplete. The parties can fill this incompleteness to some extent by including in the contract a mechanism to review the terms … conditions for the contract execution, to which contract counterparties can lead due to their actions considering the possible …
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Work and trade relationships are often governed by relational contracts, in which incentives for cooperative action today stem from the prospective future benefits of the relationship. In this paper, we study how reductions in clarity about the financial consequences of actions, induced by...
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), Raith (2003), and Piccolo, D'Amato, and Martina (2008)). Our model differs from these papers in the type of contract that we …
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