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- W4245806769 abstract "In general equilibrium models with linear or nonlinear activities, factor prices can be indeterminate and agents will have an incentive to non-competitively manipulate prices even if they are small relative to the market. The indeterminacy cannot occur at generic endowments, but the non-generic endowments where it does occur will arise endogenously as an equilibrium outcome when some factors, such as capital goods, are produced. This endogenous indeterminacy creates a hold-up problem since investors need not earn the rate of return that obtains in an intertemporal competitive equilibrium. Unlike the classical hold-up problem, factor-price indeterminacy is not attributable to there being few agents or bilateral monopoly." @default.
- W4245806769 created "2022-05-12" @default.
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- W4245806769 date "2008-04-25" @default.
- W4245806769 modified "2023-09-23" @default.
- W4245806769 title "factor prices in general equilibrium" @default.
- W4245806769 doi "https://doi.org/10.1057/9780230226203.0546" @default.
- W4245806769 hasPublicationYear "2008" @default.
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