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Persistent link: https://www.econbiz.de/10009706860
We propose a unified framework to study relational contracting and hold-up problems in infinite horizon stochastic games. We first illustrate that with respect to long run decisions, the common formulation of relational contracts as Pareto-optimal public perfect equilibria is in stark contrast...
Persistent link: https://www.econbiz.de/10010336791
Persistent link: https://www.econbiz.de/10009763934
We propose a unified framework to study relational contracting and hold-up problems in infinite horizon stochastic games. We first illustrate that with respect to long run decisions, the common formulation of relational contracts as Pareto-optimal public perfect equilibria is in stark contrast...
Persistent link: https://www.econbiz.de/10013087220