Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/202363 
Autor:innen: 
Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
EAG Discussion Paper No. EAG 07-13
Verlag: 
U.S. Department of Justice, Antitrust Division, Economic Analysis Group (EAG), Washington, DC
Zusammenfassung: 
The holdup problem of under-investment in specific capital has been studied extensively. Less attention has been paid to the "holdout" problem of over-investment in outside options. A buyer's gain from (unverifiably) developing an outside option exceeds the joint gain, given rent shifting when an inferior option binds in subsequent bargaining with the seller. Long-term contracts can solve holdout by increasing the buyer's surplus from trade within the relationship. With a nonbinding contract, however, the seller's participation constraint may require the buyer (who may be financially constrained) to pay a large signing bonus. This suggests a novel motive for vertical integration.
Dokumentart: 
Working Paper

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