Parties in the incomplete contract model cannot adapt to unforeseen contingencies because they cannot specify ex-ante how those contingencies will be met, and transactions may be foregone or become too expensive if participants cannot rely on efficient and equitable adaptation.
Source quote, verbatim
At the same time, parties in the incomplete contract model cannot adapt to unforeseen contingencies because they cannot specify ex-ante how those contingencies will be met (Kreps 1990, 93).
From
Wulf A. Kaal, Evolution of Law Dynamic Regulation in a New Institutional Economics Framework (2013), IV.2 Organizational Culture, p. 12 https://ssrn.com/abstract=2267560 · source PDF
Cite as
Wulf A. Kaal, Evolution of Law Dynamic Regulation in a New Institutional Economics Framework (2013). SSRN: https://ssrn.com/abstract=2267560
extended_bykaal:claim:2808132-033 Dynamic regulatory tools lower unforeseen contingencies in rulemaking because the feedback effect supplies rel...
Verify
The quote above is an exact substring of the source PDF, whose sha256 is 7ecc9dd1826121a95bf252476cdaa1c8737ad8079e12caf66c4342ffae7af8af. Extraction method: pdf-text-layer. Attestation record: colloquium/attestations/5443463499ba37d7...json Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/2267560-044.md | sha256sum