Contracts as Reference Points - University of Aberdeen.docVIP

Contracts as Reference Points* by Oliver Hart? and John Moore? July 2006 (revised, November 2006) ? Harvard University ?Edinburgh University and London School of Economics * An early version of this paper was entitled “Partial Contracts.” We are particularly indebted to Andrei Shleifer and Jeremy Stein for useful comments and for urging us to develop Section 5. We would also like to thank Philippe Aghion, Jennifer Arlen, Daniel Benjamin, Richard Craswell, Florian Englmaier, Edward Glaeser, Elhanan Helpman, Benjamin Hermalin, Louis Kaplow, Henrik Lando, Steve Leider, Jon Levin, Bentley Mac