Incomplete contracts and strategic ambiguity

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WebNov 2, 2024 · Ambiguity is a recognized, and often explicitly described, factor that makes strategic decisions even more challenging. It appears as one main reason that … WebMay 15, 2024 · In addition, there are a variety of types of ambiguity affecting the efficiency in the industry: ambiguity due to numerous variations in the bill of quantities, incomplete clauses and those that ...

Incomplete Contracting and AI Alignment - ACM Conferences

WebMay 1, 2012 · In section 2 we present a formal model of contracting in the presence of linguistic ambiguity. Following Grant et al. (2012a), we adopt a convenient subclass of Gul and Pesendorfer's (2013 ... http://emaj.pitt.edu/ojs/emaj/article/view/23 ttsd buckingham

Incomplete Contracts and Strategic Ambiguity: Evidence From …

WebJSTOR Home WebMar 17, 2010 · A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach. Jongwook Kim and Joseph T. Mahoney View all authors and ... Incomplete contracts and strategic ambiguity. American Economic Review, 88: 902-932. Google Scholar. Besen, S.M., & Raskind, L.J. 1991. An introduction to the law and … WebIncomplete Contracts: An Empirical Approach. Sarath Sanga. Economics. The Journal of Law, Economics, and Organization. 2024. The strategic ambiguity hypothesis posits that … tts download audio

A Matter of Interpretation: Bargaining over Ambiguous Contracts

WebDownloadable (with restrictions)! We consider the optimality of liquidated damages contracts in a setting of contractual ambiguity and potential for disputes. We show that when parties are ambiguity averse enough, they will optimally choose liquidated damages contracts and sacrifice risk sharing opportunities. WebIncomplete Contracts: An Empirical Approach. Sarath Sanga. Economics. The Journal of Law, Economics, and Organization. 2024. The strategic ambiguity hypothesis posits that when some aspects of performance are observable but not verifiable, the optimal contract is deliberately incomplete. tts discountsWebOct 1, 2024 · A simple example. This section presents the simplest version of our contracting game. It illustrates some of the key features of the interplay between incomplete contracting and communication: there is an equilibrium in which the principal offers a contract that leaves gaps for, structures, and improves communication. tts demo windows

"WebIncomplete Contracts and Strategic Ambiguity By B. DOUGLAS BERNHEIM AND MICHAEL D. WHINSTON* Why are observed contracts so often incomplete in the sense that they leave contracting parties' obligations vague or unspecified? Traditional answers to this … " - Incomplete contracts and strategic ambiguity

Incomplete contracts and strategic ambiguity

Strategic decision-making under ambiguity: a new problem space …

WebAug 2, 2016 · Abstract. The strategic ambiguity hypothesis posits that when some aspects of performance are observable but not verifiable, the optimal contract is deliberately … WebLeveraging a longitudinal dataset concerning 102 inter-firm disputes, we evaluate the effects of contract structure on trust and on the likelihood of continued collaboration. We theoretically refine and empirically extend prior research by (a) distinguishing between control and coordination functions of contracts, (b) separating goodwill-based and …

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WebSep 9, 2024 · So we started taking seriously that contracts are incomplete, and there is significant literature around that now. But it’s hard to design as-complete-as-possible … Web"Incomplete Contracts and Strategic Ambiguity," American Economic Review, American Economic Association, vol. 88(4), pages 902-932, September. B. Douglas Bernheim & Michael D. Whinston, 1997. " Incomplete Contracts and Strategic Ambiguity ," Harvard Institute of Economic Research Working Papers 1787, Harvard - Institute of Economic …

WebMar 17, 2010 · A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach Show all authors. Jongwook Kim. Jongwook Kim. ... Incomplete contracts and strategic ambiguity. American Economic Review, 88: 902-932. Google Scholar ISI. Besen, S.M. , & Raskind, L.J. 1991. WebABSTRACT. We suggest that the analysis of incomplete contracting developed by law and economics researchers can provide a useful framework for understanding the AI …

WebDec 19, 2015 · Incomplete contracts and strategic ambiguity. American Economic Review, 88(4), 902–932. Google Scholar Bertelsen, S. et al. (2003). Avoiding and managing chaos in projects. In 11th Annual Conference in the International Group for Lean Construction (pp. 1–14). Google Scholar Biggiero, L. (2001). Sources of complexity in human systems. WebMar 28, 2024 · We introduce ambiguous states into an experimental investigation of a tradeoff between contractual rigidity and flexibility. Ambiguity magnifies both parties’ …

WebSep 9, 2016 · We investigate (1) whether frms deliberately write incomplete contracts, and (2) if so, under which conditions. a better understanding of this phenomenon is important, …

WebJan 1, 2016 · Incomplete Contracts and Strategic Alliances. ... (1998). I ncomplete contracts and strategic ambiguity. American Economic Review, 902-932. Bolton, Patrick, and Mathias Dewatripont. (2005). tts downholeWebMar 12, 2024 · While fixed-price contracts are commonly invoked in the literature under the assumption that parties to a relational contract use efficiency wages or repeat purchase mechanisms (Klein and Leffler 1981; Shapiro and Stiglitz 1984; Brown et al. 2004), they are not consistent with the theory of strategic ambiguity. tts disneyWebJan 1, 2024 · An incomplete contract is an agreement that does not specify actions and payments for all possible contingencies. All but the simplest contracts are incomplete, containing ‘gaps’ that must be filled by negotiation, convention, or formal dispute resolution procedures such as courts and arbitration. phoenix summer tip off phoenix suns at new orleans pelicansWebFeb 3, 2012 · Luo Y., (2002) Contract, coorperation, and performance in International Joint Ventures.Strategic Management Journal, 23, pp.903-919. Mellewigt, T., A. Madhok and … tts download wavWeblegally unenforceable agreements are performed. Theories of incomplete contracts invoke transaction costs and bounded rationality to explain why formal contracts are incomplete. … ttsd.k12.or.us websiteWebApr 12, 2024 · Bernheim & Whinston (1998) Bernheim, B. Douglas and Whinston, Michael D. Incomplete contracts and strategic ambiguity. The American Economic Review, 88(4):902–932, 1998. Bernstein (1992) Bernstein, Lisa. Opting out of the legal system: Extralegal contractual relations in the diamond industry. The ... ttsd medical