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"why are contracts incomplete? missing contingencies in written contracts - complexity of the environment and ignorant agents"


Research objectives and content
The objective of my thesis is to provide a foundation of incomplete contracts. Recent research has shown that the concept of incomplete contracting is crucial to explaining important economic issues such as the boundaries of the firm, corporate control and optimal asset ownership. While a considerable amount of research has been consecrated to the economics of property and control rights there is no well accepted incomplete contracting paradigm. A rigorous framework will have to be provided in order to approach the problem of why contracts are incomplete and thus justify the assumption upon which much of the literature is based. The thesis proposes to investigate the impact of an enriched range of informational structure on the form of an optimal contract in the framework of a theoretical model.
Training content (objective, benefit and expected impact)
The research project will be carried out within the framework of the PhD program in Economics at the LSE. In the first year I will be following courses and take part in a research strategy seminar and other research seminars.

Funding Scheme

RGI - Research grants (individual fellowships)


Houghton Street
WC2A 2AE London
United Kingdom

Participants (1)

Not available