Agreeing Now to
نویسندگان
چکیده
Economics; he would like to thank that institution for its hospitality. Abstract We view a contract as a list of outcomes. Ex ante, the parties commit not to consider outcomes not on the list, i.e., these are " ruled out ". Ex post, they freely bargain over outcomes on the list, i.e., the contract specifies no mechanism to structure their choice; in this sense outcomes on the list are not " ruled in ". A " loose " contract (long list) maximizes flexibility but may interfere with ex ante investment incentives. When these incentives are important enough, the parties may write a " tight " contract (short list), even though this leads to ex post inefficiency.
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