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dc.contributor.authorMartin, Antoineen
dc.contributor.authorOrlando, Michael J.en
dc.date.accessioned2012-08-17T14:29:23Z-
dc.date.available2012-08-17T14:29:23Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/60717-
dc.description.abstractWe examine incentives for network-specific investment and the implications for network governance. We model an environment in which participants that make payments over a network can invest in a technology that reduces the marginal cost of using the network. A network effect results in multiple equilibria; either all agents invest and network usage is high or no agents invest and network usage is low. When commitment is feasible, the high-use equilibrium can be implemented; however, when commitment is infeasible, fixed costs associated with use of the network-specific technology result in a holdup problem that implements the low-investment equilibrium. Thus, governance structures necessary to achieve commitment will be preferred to those necessary merely to achieve coordination. For example, mutual ownership by network users may emerge where users face risk of ex post renegotiation. Such a governance structure will also be sufficient to avoid the network effect.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x221en
dc.subject.jelL14en
dc.subject.jelE59en
dc.subject.jelF29en
dc.subject.ddc330en
dc.subject.keywordholdup, network, commitment, paymentsen
dc.subject.stwNetzeffekten
dc.subject.stwMonopolen
dc.subject.stwInvestitionen
dc.subject.stwTheorieen
dc.titleBarriers to network-specific innovation-
dc.typeWorking Paperen
dc.identifier.ppn500373744en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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