Incomplete contracts and strategic ambiguity

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August undefined, 2024

WebWe first provide an overview of the incomplete contracting literature and explore parallels between this work and the problem of AI alignment. As we emphasize, misalignment … WebJul 5, 2012 · Why are observed contracts so often incomplete in the sense that they leave contracting parties' obligations vague or unspecified? Traditional answers to this question …

Incomplete contracts - Wikipedia

WebJan 1, 2014 · The key ex post contractual inefficiencies in strategic outsourcing initiatives stem from assumptions of opportunistic behavior and cost overruns in task execution that may be attributable to the complexity and dynamism of the outsourced task. WebSep 9, 2016 · We investigate (1) whether frms deliberately write incomplete contracts, and (2) if so, under which conditions. a better understanding of this phenomenon is important, because research shows that incomplete contracts can yield higher results than fully specifed ones. p]We investigate these questions using the grounded theory methodology … flip lever astragal

Ambiguity as Strategy in Organizational Communication

WebIncomplete Contracts and Strategic Ambiguity By B. DOUGLAS BERNHEIM AND MICHAEL D. WHINSTON* Why are observed contracts so often incomplete in the sense that they leave WebApr 12, 2024 · We suggest that the analysis of incomplete contracting developed by law and economics researchers can provide a useful framework for understanding the AI alignment problem and help to generate a systematic approach to finding solutions. We first provide an overview of the incomplete contracting WebMar 12, 2024 · While fixed-price contracts are commonly invoked in the literature under the assumption that parties to a relational contract use efficiency wages or repeat purchase mechanisms (Klein and Leffler 1981; Shapiro and Stiglitz 1984; Brown et al. 2004), they are not consistent with the theory of strategic ambiguity. greatest football matches ever

Nine Degrees of Uncertainty in Negotiations - Schauer

Incomplete contracts - Wikipedia

WebMar 17, 2010 · A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach. Jongwook Kim and Joseph T. Mahoney View all authors and ... Incomplete contracts and strategic ambiguity. American Economic Review, 88: 902-932. Google Scholar. Besen, S.M., & Raskind, L.J. 1991. An introduction to the law and … flip left right numpyWebJan 1, 2016 · Property rights theory and the empirical literature that tests it in the context of strategic alliances generates two main insights: (1) that asset ownership and control rights specified in... greatest football hits of all time

"WebSep 9, 2024 · So we started taking seriously that contracts are incomplete, and there is significant literature around that now. But it’s hard to design as-complete-as-possible … " - Incomplete contracts and strategic ambiguity

Incomplete contracts and strategic ambiguity

Gillian Hadfield, University of Toronto Incomplete Contracts & AI ...

WebIncomplete Contracts: An Empirical Approach Sarath Sanga Economics The Journal of Law, Economics, and Organization 2024 The strategic ambiguity hypothesis posits that when some aspects of performance are observable but not verifiable, the optimal contract is deliberately incomplete. I test this result for the first… Expand 13 PDF WebThe strategic ambiguity hypothesis posits that when some aspects of performance are observable but not verifiable, the optimal contract is deliberately incomplete. I test this …

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WebIncomplete Contracts and Strategic Ambiguity : Evidence From Silicon Valley Sarath Sanga Economics 2024 I present the first empirical test of the strategic ambiguity hypothesis, … WebOrganization theory suggests that various forms of performance ambiguity have governance implications for the strategic choice of control mechanism in organizational forms (e.g., Eisenhardt, 1985; Ouchi, 1979). Transaction costs theory emphasizes asset specificity as an important predictor of organizational form (e.g., Williamson, 1996).

WebOct 1, 2024 · A simple example. This section presents the simplest version of our contracting game. It illustrates some of the key features of the interplay between incomplete contracting and communication: there is an equilibrium in which the principal offers a contract that leaves gaps for, structures, and improves communication. WebDec 19, 2015 · Project ambiguity is a project characteristic which encompasses two phenomena: The lack of awareness of elements, events and their characteristics (due to the overall lack of understandability of the project system), particularly when evaluating them.

WebMar 28, 2024 · We introduce ambiguous states into an experimental investigation of a tradeoff between contractual rigidity and flexibility. Ambiguity magnifies both parties’ … WebAbstract We consider a principal's choice between either controlling an agent's action through an incomplete contract or guiding him through non-binding communication. The principal anticipates receiving private information and must hire an agent to …

WebSep 9, 2016 · We investigate (1) whether frms deliberately write incomplete contracts, and (2) if so, under which conditions. a better understanding of this phenomenon is important, …

WebJan 1, 2024 · An incomplete contract is an agreement that does not specify actions and payments for all possible contingencies. All but the simplest contracts are incomplete, containing ‘gaps’ that must be filled by negotiation, convention, or formal dispute resolution procedures such as courts and arbitration. greatest football managers of allWebMay 15, 2024 · Findings The findings indicate that (1) ambiguity due to excessive changes in the bill of quantity (BOQ) (including ambiguous provisions related to BOQ changes), (2) incomplete clauses that do... greatest football match everWebFeb 3, 2012 · Luo Y., (2002) Contract, coorperation, and performance in International Joint Ventures.Strategic Management Journal, 23, pp.903-919. Mellewigt, T., A. Madhok and … greatest football managersWebMar 17, 2010 · A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach Show all authors. Jongwook Kim. Jongwook Kim. ... Incomplete contracts and strategic ambiguity. American Economic Review, 88: 902-932. Google Scholar ISI. Besen, S.M. , & Raskind, L.J. 1991. greatest football matches of all timeWebFeb 3, 2012 · Luo Y., (2002) Contract, coorperation, and performance in International Joint Ventures.Strategic Management Journal, 23, pp.903-919. Mellewigt, T., A. Madhok and A.Weibel (2007) Trust and Formal Contracts in Interorganizational Relationships – Substitutes and Complements. Managerial and Decision Economics 28: 833-847. flip lever actionWebJan 1, 1997 · Incomplete contracts and strategic ambiguity (Discussion paper / Harvard Institute of Economic Research) [Bernheim, B. Douglas] on Amazon.com. *FREE* shipping … flip lens coversWebNov 1, 2024 · Incomplete Contracts: An Empirical Approach November 2024 Authors: Sarath Sanga Abstract The strategic ambiguity hypothesis posits that when some aspects of … greatest football player