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Conventional contracts

Abstract:

A conventional contract is a contract that each side of a bargain expects the other side to insist on, because it is standard and customary under the circumstances. The author considers a process of convention formation in which agents expectations evolve through repeated interactions in a large-population setting. Agents choose best replies given their knowledge of the precedents, subject to some inertia and random error in their choice behavior. Over the long run, this adaptive learning pro...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1111/1467-937X.00068

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Institution:
University of Oxford
Department:
Oxford, SSD, Economics
Publisher:
Wiley
Journal:
Review of Economic Studies Journal website
Volume:
65
Issue:
6
Pages:
773-792
Publication date:
1998
DOI:
ISSN:
0034-6527
URN:
uuid:fc01e708-71c0-4ee2-9345-0f5a3839bd9e
Local pid:
oai:economics.ouls.ox.ac.uk:11414
Language:
English

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