A matter of interpretation: Ambiguous contracts and liquidated damages
研究了在合同模糊和潜在争议的情况下，约定损害赔偿合同的最优性，发现当双方足够厌恶模糊时，他们会选择约定损害赔偿合同并牺牲风险分担机会。
We consider the optimality of liquidated damages contracts in a setting of contractual ambiguity and potential for disputes. We show that when parties are ambiguity averse enough, they will optimally choose liquidated damages contracts and sacrifice risk sharing opportunities.