The law-and-economics literature assumes that omnisciently rational “sophisticated parties” write optimal contracts, making bankruptcy law unnecessary. Two case studies, J. Crew and Nine West, illustrate the limitations of this idealized model. We argue for a theory of debt contracting based in bounded rationality that recognizes bankruptcy’s inherent complexity.

中文翻译：

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J. Crew，九西，以及财务困境的复杂性

法律和经济学文献假设无所不知的理性“老练的当事人”编写了最优合同，因此不需要破产法。两个案例研究 J. Crew 和 Nine West 说明了这种理想化模型的局限性。我们主张基于有限理性的债务契约理论，该理论承认破产的内在复杂性。