Hold-up: With a Vengeance

Abstract

When contracts are incomplete or unenforceable, ine¢ cient levels of investment may occur due to hold-up. If individuals care for negative reciprocity these problems may be reduced, as revenge becomes a credible threat. However, negative reciprocity has this e¤ect only when the investor holds the rights of control of the investment proceeds. We explore this… (More)

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Cite this paper

@inproceedings{Dufwenberg2009HoldupWA, title={Hold-up: With a Vengeance}, author={Martin Dufwenberg and yAlec and Matt Van Essenx}, year={2009} }