作者：Tirole, J
摘要：The paper takes stock of the advances and directions for research on the incomplete contracting front. It first illustrates some of the main ideas of the incomplete contract literature through an example. It then offers methodological insights on the standard approach to modeling incomplete contracts; in particular it discusses a tension between two assumptions made in the literature, namely rationality and the existence of transaction costs. Last, it argues that, contrary to what is commonly ...
作者：Jackson, MO; Kalai, E; Smorodinsky, R
作者单位：California Institute of Technology; Northwestern University; Technion Israel Institute of Technology
摘要：A probability distribution governing the evolution of a stochastic process has infinitely many Bayesian representations of the form mu = S(Theta)mu(theta) d lambda(theta). Among these, a natural representation is one whose components (mu(theta)'s) are learnable (one can approximate mu(theta), by conditioning mu on observation of the process) and sufficient for prediction (mu(theta)'s predictions are not aided by conditioning on observation of the process). We show the existence and uniqueness ...
