On the Duration of Agreements
构建了一个借贷双方无限期生存的最优合同模型，解释有限期多期合同现象，并分析信息获取成本等外生参数如何影响合同期限。
A model of optimal contracts between two infinitely-lived parties, a borrower and lender, is presented and analyzed. The objective is to explain the phenomenon of finite-length, multi-period contracts. It is shown how costly information acquisition can account for multi- period contracts which are of bounded length. Comparative-statics results on how contract length responds to exogenous parameters, such as the cost of information acquisition, are also derived. Copyright 1987 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.