Empiricist Approach to Incomplete Contract Theory불완전 계약이론에 대한 경험론적 접근
- Other Titles
- 불완전 계약이론에 대한 경험론적 접근
- Authors
- 이성섭
- Issue Date
- Feb-2018
- Publisher
- 한국제도∙경제학회
- Keywords
- Bounded rational; Inductive reasoning; Sympathy-consent process; Open/indeterminate system; Economics of empiricism; Incomplete contracting.; 제한적 합리성; 귀납적 접근법; 가치-비용 합리론; 공감-동의 과정; 공개/비결정적 체계; 경험론; 불완전계약.
- Citation
- 제도와 경제, v.12, no.2, pp.15 - 39
- Journal Title
- 제도와 경제
- Volume
- 12
- Number
- 2
- Start Page
- 15
- End Page
- 39
- URI
- http://scholarworks.bwise.kr/ssu/handle/2018.sw.ssu/31992
- ISSN
- 1976-3697
- Abstract
- Maskin and Tirole (1999a) lamented research findings of incomplete contracts studies as “hopelessly unrealistic”. Reason is that economics didn’t make progress toward modeling bounded rationality. Economics of empiricism is built on Hume’s epistemology (Hume, 1739). Sympathy-consent process, such as trust, determines actions of exchange. Price becomes a part of sympathy-consent process. Market is what to build and what changes ceaselessly. Market is not what is given at the outset, unlike the premise of rational agent model (Arrow and Debreu, 1954; Arrow and Hahn, 1971). Rational agent model cannot avoid a dilemma when addressing real life problems like asset specificity, relational contracting, hold-up, indescribability of contingencies and incomplete contracts. Inductive reasoning of empiricist approach combines with deductive reasoning of value-cost rationalist approach to build the integrating analytical framework of economics. It opens gateway to the economics of bounded rationality and resolves the dilemma.
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