An edition of Hold-up, asset ownership, and reference points (2007)

Hold-up, asset ownership, and reference points

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Hold-up, asset ownership, and reference point ...
Oliver D. Hart
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February 7, 2010 | History
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An edition of Hold-up, asset ownership, and reference points (2007)

Hold-up, asset ownership, and reference points

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We study two parties who desire a smooth trading relationship under conditions of value and cost uncertainty. A rigid contract fixing price works well in normal times since there is nothing to argue about. However, when value or cost is exceptional, one party will hold up the other , damaging the relationship and causing deadweight losses as parties withhold cooperation. We show that a judicious allocation of asset ownership can help by reducing the incentives to engage in hold up. In contrast to the literature, the driving force in our model is payoff uncertainty rather than noncontractible investments.

Publish Date
Publisher
National Bureau of Economic Research
Language
English
Pages
42

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Subjects
Commerce, Econometric models

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Cover of: Hold-up, asset ownership, and reference points
Hold-up, asset ownership, and reference points
2007, National Bureau of Economic Research
in English
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Book Details

Edition Notes

"October 2007"

Includes bibliographical references (p. 40-42).

Also available in PDF from the NBER World Wide Web site (www.nber.org).

Published in
Cambridge, Mass
Series
NBER working paper series -- no. 13540., Working paper series (National Bureau of Economic Research) -- working paper no. 13540.

The Physical Object

Pagination
42 p. :
Number of pages
42

ID Numbers

Open Library
OL17635962M
OCLC/WorldCat
181655590

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Oregon Libraries MARC record

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February 7, 2010 Edited by WorkBot add more information to works
December 10, 2009 Created by WorkBot add works page