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Teaching Incomplete Contracts with Shakespeare. The Case of 'the Taming of the Shrew'

The theory of the incomplete contracts is one of the key pieces in the institutional economic theory. When teaching this subject the professors feel the shortage of case studies and role playing. The present work tries to compensate this deficiency using The Taming of the Shrew by Shakespeare. The contract in question is the marriage one. The comedy is useful as a case study because it allows the teachers to confront two visions of the world: the classic one with its emphasis on the complete contracting with the institutionalist vision that promotes the contractual incompleteness. Shakespeare shows that Katharina and Petruchio who follow the theory of the incomplete contracts get better results than Bianca and Lucentio who follow the classical theory. All this with a touch of humour.