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From Complete Contract Theory to Incomplete Contract Theory
YANG Qi-jing
2003, (7):
27-33.
DOI:
Unlike the mainstream neo-classical economics that impersonates the mechanism of price, the contract theory attempts to explain the contracted relation between rational economic a-gents. However, like all scientific research, there exist various interrelated branches within the contract theory. Generally speaking, with the further progress of the research, the focus of attention has shifted from the complete contract theory to the incomplete contract theory. This article is intended to introduce briefly the course of the changes, placing emphasis on the incomplete contract theory and hot issues concerning development of this theory.
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