Contract Reopeners
将合同重开条款纳入合同期限分析，比较了可重开合同与不可重开合同，发现小冲击的不确定性缩短合同声明期限，大冲击的不确定性则延长，但贴现预期期限随大小冲击的不确定性均缩短。
This article incorporates contract reopeners into the analysis of contract duration and compares contracts with a reopener to contracts that cannot be reopened. The model contains relative and nominal shocks. It is shown that the stated duration of a reopenable contract is shortened by uncertainty associated with small shocks but lengthened by uncertainty associated with large shocks. However, the discounted expected duration decreases with the uncertainty associated with both small and large shocks. There exists a critical size of a large shock for which a reopenable contract and a contract with an immutable duration are equally attractive. Copyright 1995 by University of Chicago Press.