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| Author: | Foss, K. Foss, N. |
| Title: | Theoretical isolation in contract theory: suppressing margins and entrepreneurship |
| Journal: | Journal of Economic Methodology
2000 : NOV, VOL. 7:3, p. 313-340 |
| Index terms: | CONTRACTS INSTITUTIONAL ECONOMICS AUSTRIA |
| Language: | eng |
| Abstract: | The authors discuss contract theory from a combined Austrian/new institutional view. In the latter view, the world is seen as shot through with ignorance and transaction costs, but, as a tendency, entrepreneurial activity responds to the problems caused by these. All modelling must critically reflect this. ontological commitment is contrasted to various isolations characteristic of contract theory, specifically the modelling strategy of introducing often ad hoc and unexplained constraints that suppress margins and possibilities of entrepreneurial actions that would be open to real-world decision-makers. |
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