Cadillac Contracts and Up-Front Payments: Efficient Investment Under Expectation Damages
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This paper shows that up-front payments can play a crucial role in providing efficient investment incentives when contracts are incomplete. They can eliminate the overinvestment effect identified by Rogerson [1984] and Shavell [1980] when courts use an expectation damage remedy. This method extends
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美国国家经济研究局创建时间：
1994-11-01
