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Forward Induction and the Foundations of Incomplete Contracts
We show that forward induction provides a rational foundation for contract renegotiation, and in turn for incomplete contracts and the property rights theory of the firm. However, this foundation places conditions on the contracting game, the violation of which allows ex post inefficiencies of the sort that can explain the internal organization of firms.
Date:
2 December 2025, 12:45
Venue:
Nuffield College, New Road OX1 1NF
Venue Details:
Butler Room
Speakers:
Jim Malcomson (University of Oxford),
Tom Norman (University of Oxford)
Organising department:
Department of Economics
Part of:
Economic Theory Workshop
Booking required?:
Not required
Audience:
Members of the University only
Editor:
Edward Valenzano
