show that this feature is crucial for debt renegotiation models to explain corporate policies and debt prices. Specifically … debt control premiums, and predicts realistic renegotiation timing policies. Incorporating both renegotiation events also …

-seller relationship with renegotiation. Our paper provides causal experimental evidence that an initial contract has a highly significant … and economically important impact on renegotiation behavior that goes beyond the effect of contracts on bargaining … threatpoints. We compare situations in which an initial contract is renegotiated to strategically equivalent bargaining situations …

used as commitment devices when it is impossible to commit not to renegotiate them. We characterize renegotiation …. If contracts are observable, then the second mover obtains her best possible payoff given that she plays a renegotiation … externalities and to a model of credibility of monetary policy and show that in both cases renegotiation-proofness imposes a very …