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incomplete - not complete or total; not completed; an incomplete account of his life; political consequences of incomplete military success; an incomplete forward pass. uncomplete.
The incomplete-contracts view offers a clear interpretation of Knight's notion of guaranteeing: it is not so much that the residual claimant insures the other agents (although Knight did use this language); rather it is simply that, because of non-contractibility, the optimal arrangement is one in which some agents receive a residual claim and others a fixed claim.