securitized and portfolio loans. The results are robust to several different definitions of renegotiation and hold in subsamples … lenders negotiate with large numbers of borrowers lead to barriers to renegotiation fundamentally different from those present …

such as informal agreements and ex post renegotiation. We investigate the relevance of these features experimentally. Our … the presence of informal agreements and ex post renegotiation. However, our data also reveal new behavioral features that … renegotiation changes how trading parties evaluate ex post outcomes. Interestingly, the availability of these additional options …

such as informal agreements and expost renegotiation. We investigate the relevance of these features experimentally. Our … the presence of informal agreements and ex post renegotiation. However, our data also reveal new behavioral features that … renegotiation changes how trading parties evaluate ex post outcomes. Interestingly, the availability of these additional options …

renegotiation, potentially undermining the credibility of cooperative strategies. To explore this issue, this paper experimentally …

unobservable and incomplete contracts with and without renegotiation opportunities under the assumption that the principal cannot … outcomes to a subset of Nash equilibrium outcomes and renegotiation imposes further constraints. Yet, there is a large class of …

-invest in early construction, seeking a renegotiation thereafter. We show that, in a renegotiation-proof contract, the marginal … contractual payoff of the firm is above its renegotiation payoff in the former case, below in the latter. We further show that … when the firm holds private information on the operating conditions, the government may welcome a contractual renegotiation …