English, Article, Journal or magazine article edition: "Costly Coasian Contracts'' Luca Anderlini; Leonardo Felli

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Bookmark: http://trove.nla.gov.au/version/189852
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Costly Coasian Contracts
Author
  • Luca Anderlini
  • Leonardo Felli
Physical Description
  • preprint
Notes
  • We identify and investigate the basic 'hold-up problem' which arises whenever each party to a contract has to pay some ex-ante cost for the contract to become feasible. We then proceed to show that, under plausible circumstances, a 'contractual solution' to this hold-up problem is not available. This is because a contractual solution to the hold-up problem typically entails writing a 'contract over a contract' which generates a fresh set of ex-ante costs, and hence is associated with a new hold-up problem.
  • Ex-ante contractual costs, hold-up problem, Coase theorem, contracts over contracts, incomplete contracts.
  • RePEc:cep:stitep:362
  • RePEc:wop:pennca:97-11
  • We identify and investigate the basic `hold-up' problem which arises whenever each party to a contingent contract has to pay some ex-ante cost for the contract to become feasible. We then proceed to show that, under plausible circumstances, a `contractual solution' to this hold-up problem is not available. This is because a contractual solution to the hold-up problem typically entails writing a `contract over a contract' which generates a fresh set of ex-ante costs, and hence is associated with a new hold-up problem. We conclude the paper investigating two applications of our results to a static and to a dynamic principal-agent model.
  • Hold-Up Problem, Ex-Ante Contractual Costs, Contracts Over Contracts, Incomplete Contracts, Principal-Agent Problems
  • RePEc:wpa:wuwpga:9610006
  • RePEc:cla:penntw:c5b2efc4326ca8bb8162440d62ce6510
Language
  • English
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