Citation:
Hart, Oliver, and S Grossman. 1981. “Implicit Contracts, Moral Hazard, and Unemployment.” American Economic Review, Papers and Proceedings 71: 301-307.
Recent Publications
- More is Less: Why Parties May Deliberately Write Incomplete Contracts
- Private Sanctions
- The New Corporate Governance
- Exit vs. Voice
- Overcoming Contractual Incompleteness: The Role of Guiding Principles (Revised Nov. 2022)
- An Innovative Way to Prevent Adversarial Supplier Relationships
- A New Approach to Contracts
- Companies Should Maximize Shareholder Welfare Not Market Value
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