Investments as signals of outside options

被引：18
|
作者：
Goldluecke, Susanne [1 ]
Schmitz, Patrick W. [2 ,3 ]
机构：
[1] Univ Mannheim, D-68161 Mannheim, Germany
[2] Univ Cologne, D-50923 Cologne, Germany
[3] CEPR, London, England
来源：
JOURNAL OF ECONOMIC THEORY | 2014年 / 150卷
关键词：
Incomplete contracts; Relationship-specific investments; Hold-up problem; Signaling games; HOLD-UP; PROPERTY-RIGHTS; INFORMATION; FIRM; CONTRACTS; COSTS;
D O I：
10.1016/j.jet.2013.12.001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Consider a seller who can make an observable but non-contractible investment to improve an intermediate good that is specialized to a particular buyer's needs. The buyer then makes a take-it-or-leave-it offer to the seller. The seller has private information about the fraction of the ex post surplus that he can realize on his own. Compared to a situation with complete information, additional investment incentives are generated by the seller's desire to pretend a strong outside option. On the other hand, ex post efficiency is not attained since asymmetric information at the bargaining stage sometimes leads to inefficient separations. (C) 2014 Elsevier Inc. All rights reserved.
引用
收藏
页码：683 / 708
页数：26
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