Incomplete contracts and corporate ethics: a game theoretic model under fuzzy information

Developing a corporate code of ethics amounts to something like playing the role of a ‘constitution designer’ on a small scale. It is an experiment of rational decision about the general and abstract norms that have towork as constitutional constraints on a ‘corporate actor’ – that is, a firm seen as amicro-constitutional order (Coleman 1990; Vanberg 1992). Codes of ethics in fact regulate claims and rights that several stakeholders may advance towards the organization, so that, when these claims are legitimate by the institution of a code of ethics, those who govern the firm must respond and to be accountable for them.