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《Economic Research Journal》 2006-02
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Incomplete Contracting Theory: A Survey

Yang Ruilong and Nie Huihua(School of Economics, Renmin University of China)  
The standard contract theory or principal-agent theory assumes that contracts are complete; however, realistic contracts are incomplete. The contractual completeness leads to the failure of ex ante optimal contracts and inefficient specific investment due to the risk of hold up. The economists develop the incomplete contracting theory to analyze how to furthest avoid the inefficiency due to contractual completeness. Focusing specific investment efficiency with incomplete contracts, basing a basic model, this paper totally introduces the origin, development, application, and prospect of incomplete contracting theory from the viewpoint of judicial intervention, damage measures, governance structure, property-rights, and implementation.
【Fund】: 国家自然科学基金项目“现代企业的知识管理与治理结构安排”(批准号:70472067)的阶段性成果
【CateGory Index】: F01
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