Grossman and Hart at 25

June 24–26, 2011 - Brussels

This year marked the 25th anniversary of the publication of Grossman and Hart’s seminal paper “The Costs and the Benefits of Ownership: A Theory of Vertical and Lateral Integration." In the years that have followed, we have witnessed an explosion of literature on incomplete contracts, in areas as diverse as international trade and finance. On the occasion of the 25th anniversary, we organized a conference in Brussels from June 24 to 26, 2011, which discussed the achievements of this literature and its future directions. Given the importance of the subject and the quality of the people gathered, we wanted to extend the invitation to all scholars interested in the topic.

-Philippe Aghion, Mathias Dewatripont, Patrick Legros, and Luigi Zingales