The ice-research station “North Pole 32” (NP 32) was established on the ice pack in the Arctic Ocean in 2003 and drifted up to February 2004, when a “global” perturbation in the sea-ice-cover caused the intensive ice fragmentation around the actual position of the NP 32. As a result, the...

This paper explores the hold-up problem between two parties (an entrepreneur and an investor) when one of the parties (the entrepreneur) is unable to commit not to repudiate the initial contract. To mitigate hold-up we allow the parties to stage investments over time and derive the optimal...

We study a market-entry game with a second-mover advantage. In the symmetric equilibrium, there can be a non-monotonic relationship between the probability with which a player will invest (entry) and the length of time until the deadline. Moreover, the probability of investment can move...