# kaal:claim:2267560-035

**Claim.** The learning process in incomplete contract theory can be improved because experimentation with different rules, rule revision, and additional rulemaking create significant transaction costs, and postponing rulemaking until sufficient information is available may not always be possible or desirable.

**Type.** failure  **Support.** argued

**Source quote.**

> Experimentation with different rules, rule revision, and additional rulemaking create significant transaction costs8 and postponing rulemaking until sufficient information is available may not always be possible or desirable.

**From.** Wulf A. Kaal, *Evolution of Law Dynamic Regulation in a New Institutional Economics Framework* (2013), IV.1 Optimizing the Learning Process, page 11

**Cite as.** Wulf A. Kaal, Evolution of Law Dynamic Regulation in a New Institutional Economics Framework (2013). SSRN: https://ssrn.com/abstract=2267560

**Verify.** sha256 of source PDF `7ecc9dd1826121a95bf252476cdaa1c8737ad8079e12caf66c4342ffae7af8af` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202013%20-%20Evolution%20of%20Law%20Dynamic%20Regulation%20in%20a%20New%20Institutional%20Economics%20Framework.pdf

**Failure mode.** cost and infeasibility of postponed rulemaking  (family: rule-obsolescence-and-ossification)

**Topics.** economics

**Keywords.** incomplete-contracts, learning-process, transaction-costs, rule-revision

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/kaal-2014-dynamicregulationviagove-007
- extended_by: https://wulfkaal.github.io/claims/kaal-2014-dynamicregulationviagove-009

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