The Impact of Incomplete Contracts on Economics 1st Edition

Description

• Author(s)
  Philippe Aghion; Mathias Dewatripont; Patrick Legros
• Publisher
  Oxford University Press
• Format
  PDF
• Print ISBN
  9780199826223, 0199826226
• eText ISBN
  9780199826223, 0199826226
• Edition
  1st
• Copyright
• Details
  The 1986 article by Sanford J. Grossman and Oliver D. Hart titled “A Theory of Vertical and Lateral Integration” has provided a framework for understanding how firm boundaries are defined and how they affect economic performance. The property rights approach has provided a formal way to introduce incomplete contracting ideas into economic modeling. The Impact of Incomplete Contracts on Economics collects papers and opinion pieces on the impact that this property right approach to the firm has had on the economics profession.