2015, 2004, English, Article, Journal or magazine article edition: A solution to the hold-up problem involving gradual investment Pitchford, Rohan; Snyder, Christopher

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Bookmark: https://trove.nla.gov.au/version/221356069
Physical Description
  • journal article
Published
  • Academic Press, 2015-12-13T22:41:55Z 2004 2015-12-11T10:04:28Z
Language
  • English

Edition details

Title
  • A solution to the hold-up problem involving gradual investment
Author
  • Pitchford, Rohan
  • Snyder, Christopher
Published
  • Academic Press, 2015-12-13T22:41:55Z 2004 2015-12-11T10:04:28Z
Physical Description
  • journal article
Part Of
  • Journal of Economic Theory
Subjects
Summary
  • We consider a setting in which the buyer's ability to hold up a seller's investment is so severe that there is no investment in equilibrium of the static game typically analyzed. We show that there exists an equilibrium of a related dynamic game generating positive investment. The seller makes a sequence of gradually smaller investments, each repaid by the buyer under the threat of losing further seller investment. As modeled frictions converge to zero, the equilibrium outcome converges to the first best. We draw connections between our work and the growing literature on gradualism in public good contribution games and bargaining games.
Language
  • English
Identifier
  • oai:openresearch-repository.anu.edu.au:1885/​78728
  • 10.1016/​S0022-0531(03)00120-0
  • oai:digitalcollections.anu.edu.au:1885/​78728
  • 0022-0531

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