Renegotiating Incomplete Contracts
研究允许重新谈判时，不完全合同能否实现最优配置。作者证明，在考察的经济中，通过重新谈判可以设计出实现最优结果的合同，因此不完全性不损害效率。
I examine the welfare effects associated with having agents write incomplete contracts. When contracting parties are permitted to renegotiate existing contracts, I show that they will be able to design contracts that can implement the set of first-best allocations via renegotiation. Therefore, at least for the kind of economy that is examined here, incomplete contracts do not impair the optimality of production and exchange.