More is Less: Why Parties May Deliberately Write Incomplete Contracts (Elements in Law, Economics and Politics)
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We offer an explanation based on 'contracts as reference points'. Including a contingency of the form, 'The buyer will require a good in event ', has a benefit and a cost.
The benefit is that if occurs there is less to argue about; the cost is that the additional reference point provided by the outcome in can hinder (re)negotiation in states outside. We show that if parties agree about a reasonable division of surplus, an incomplete contract is strictly superior to a contingent contract.
If parties have different views about the division of surplus, an incomplete contract can be superior if including a contingency would lead to divergent reference points. .
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£27.18
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