Hold Up Problem Beispiel

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The hold up problem is central to the theory of incomplete contracts.

Hold up problem beispiel. It shows how the difficulty in writing complete contracts and the resulting need to renegotiate can lead to underinvestment. A hold up problem arises when two factors are present. Manufacturers and suppliers often customize their equipment and production processes to the special needs of their partners knowing well that future re negotiation will confer part of the benefit from customization to their partners. For instance workers and firms often invest in firm specific assets prior to negotiating for wages.

In economics the hold up problem is central to the theory of incomplete contracts and shows the difficulty in writing complete contracts. This problem known as hold up is inherent in many bilateral exchanges. We describe here the design of a simple teaching experiment that illustrates the hold up problem. The hold up problem is a situation where two parties may be able to work most effici.

The specific form of the optimal transaction cannot be determined with certainty beforehand. The model used is a simple perfect information game. Hold up problem fisher general motors and the nature of the firm benjamin klein university of california los angeles abstract after working well for more than 5 years.

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