The Strategic Value of Flexibility: Reducing the Ability to Compromise
研究在不完全契约世界中灵活性的战略价值，探讨为何契约通常不完全及其对战略互动的影响。
In this paper we examine the strategic value of flexibility in a world with incomplete contracting. The study of incomplete contracting is motivated by four factors: 1) In a world of complete contingent contracts, most (but not all) interesting strategic considerations disappear. 2) There is a significant literature that addresses the implications of bargaining under the assumption of incomplete contracting. 3) There are sound theoretical reasons why we would expect contracts to be incomplete. 4) Empirically, we observe that most contracts are indeed incomplete.