From Walrasian General Equilibrium to Incomplete Contracts: Making Sense of Institutions
This paper explores the specific contribution of recent literature on incomplete contracts in comparison with the acontractual Walrasian general equilibrium as well as the complete optimal contracts of the Agency theory regarding the institutional identity of agents. It underlines a tension between...
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| Wydane w: | URI:https://journals.openedition.org/ei, |
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| 1. autor: | |
| Format: | Article ou chapitre numérique |
| Język: | Anglais |
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Économie et Institutions
2016
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| Dostęp online: | Accès Université d'Orléans et IFPM Accès Université d'Orléans et IFPM |
| Streszczenie: | This paper explores the specific contribution of recent literature on incomplete contracts in comparison with the acontractual Walrasian general equilibrium as well as the complete optimal contracts of the Agency theory regarding the institutional identity of agents. It underlines a tension between the theoretical justification of contractual incompleteness on the one hand, and rationality postulate, on the other hand. It concludes the relevance of bounded rationality assumption to overcome some logical incoherencies of present incomplete contracts literature. |
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