Know-how disclosure and incomplete contracts
نویسندگان
چکیده
منابع مشابه
How much do bank employees know about Islamic banking contracts (Case study: a private bank)
The non-usury law approved in 1983 is in agreement with the divine law which forbids usury. Regardless of how the loan applicant will use the financial facilities, usury banking grants loan to the households to buy their consumers' goods, and to the corporates to make investment. In contrast, the Islamic banking system grants loan based on a specific mechanism, which is the main advantage of s...
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Thinking about contingencies, designing covenants and seeing through their implications is costly. Parties to a contract accordingly use heuristics and leave it incomplete. The paper develops a model of limited cognition and examines its consequences for contractual design. JEL numbers: D23, D82, D86, L22.
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The work on incomplete contracts cited by the prize committee began in the summer of 1983, but it may be useful to say a bit about how I reached that point. As a graduate student, first at the University of Warwick and then at Princeton University, with a degree in mathematics behind me, I was drawn to general equilibrium theory, and my PhD thesis was on general equilibrium theory with incomple...
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Thinking about contingencies, designing covenants and seeing through their implications is costly. Parties to a contract accordingly use heuristics and leave it incomplete. The paper develops a model of bounded rationality and examines its consequences for contractual design. It is argued that cognition is a natural source of adverse selection in contractual relationships, that contracts may be...
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ژورنال
عنوان ژورنال: Economics Letters
سال: 1999
ISSN: 0165-1765
DOI: 10.1016/s0165-1765(99)00038-5