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- W1536154178 abstract "Williamson (1979) claims that in a buyer-seller relationship with observable but unverifiable investments and state of nature, the hold up of future benefits leads to underinvestment. Aghion, Dewatripont and Rey (1994) resolve it provided that the initial contract can specify a default option and allocate the bargaining power to either of the party in renegotiation. The necessity to rely on large financial hostage or a “once-for-all” monetary penalty to implement the latter hypothesis is open to criticism but we show that the extreme allocation of the bargaining power is generically a necessary condition to implement the first best investments. Edlin and Reichelstein’s (1996) first best result with non-extreme allocation of the bargaining power is therefore a non-generic counter-example" @default.
- W1536154178 created "2016-06-24" @default.
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- W1536154178 date "1998-09-01" @default.
- W1536154178 modified "2023-09-27" @default.
- W1536154178 title "A necessary condition for optimality in renegotiation design" @default.
- W1536154178 hasPublicationYear "1998" @default.
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