English, Article edition: Information and the hold-up problem Benjamin E. Hermalin; Michael L. Katz

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Bookmark: http://trove.nla.gov.au/version/156024
Physical Description
  • article
Language
  • English

Edition details

Title
  • Information and the hold-up problem
Author
  • Benjamin E. Hermalin
  • Michael L. Katz
Physical Description
  • article
Notes
  • We examine situations in which a party must make a sunk investment prior to contracting with a second party to purchase an essential complementary input. We study how the resulting hold-up problem is affected by the seller's information about the investing party's likely returns from its investment. Our principal focus is on the effects of the investment's being observable by the noninvesting party. We establish conditions under which the seller's ability to observe the buyer's investment harms the seller, benefits the buyer, and reduces equilibrium investment and total surplus. We also note conditions under which investment and welfare rise when investment is observable. Copyright (c) 2009, RAND..
  • RePEc:bla:randje:v:40:y:2009:i:3:p:405-423
Language
  • English
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