Lost in Translation: Honest Misunderstandings and Ex Post Disputes
نویسندگان
چکیده
We give a formal treatment of optimal risk sharing contracts in the face of ambiguity. The ambiguity in a contract arises from clauses that are interpreted by the parties in di¤erent ways. The cost of ambiguity is represented in terms of perceived dispute costs. Taking the potential for dispute into account, we nd that risk averse agents may forgo potential gains from risk sharing and choose incomplete contracts instead. JEL Classi cation: D80, D82
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