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meaning of "ex ante noncontractible"



 
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meaning of "ex ante noncontractible" #1 (permalink) Wed Jun 27, 2007 15:29 pm   meaning of "ex ante noncontractible"
 

Business English Lesson, Advanced Level

ESL/EFL Test #376 "Entrepreneurial Behavior", question 7

Because the judgments are framed in an uncertain environment, the judgments themselves are uncertain and are thus ex ......... noncontractible.

(a) ante
(b) cathedra
(c) gratia
(d) officio

Business English Lesson, Advanced Level

ESL/EFL Test #376 "Entrepreneurial Behavior", answer 7

Because the judgments are framed in an uncertain environment, the judgments themselves are uncertain and are thus ex ante noncontractible.

Correct answer: (a) ante
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hiya,
I am lost in "ex ante noncontractible" a bit, do you mean the entrepreneurial rents are cost like "stakes" by entrepreneurs? Thanks a lot!!!!

F.F
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Joined: 18 May 2006
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meaning of "ex ante noncontractible" #2 (permalink) Wed Jun 27, 2007 22:55 pm   meaning of "ex ante noncontractible"
 

.
Me too. I take it to mean that the judgements that an entrepreneur may make cannot be written into his contract, or considered in making it. But may be simplistic on my part.

The fuller text is:

A firm that manages for strategic flexibility and constant renewal is able to generate above-average profits and thus is rewarded for its entrepreneurial behavior. The return to entrepreneurial behavior is entrepreneurial rent. Unlike most factor costs, entrepreneurial rents are noncontractible ex ante by either the entrepreneur or the firm. This is because the entrepreneur exercises judgments to allocate resources in an uncertain environment (Knight 1921). Because the judgments are framed in an uncertain environment, the judgments themselves are uncertain and are thus ex ante noncontractible.
.
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