Ambiguous contracts: a syntactic approach
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We focus on syntactic aspects of di¤erential awareness that give rise to contractual disputes. Boundedly
rational parties use a common language, but do not share a common understanding of the world, leading
to ambiguity in both syntactic and semantic forms. In contractual relationships, ambiguity leads to
disagreement and disputes. We show that the agents may prefer simpler less ambiguous contracts when
facing potential disputes.