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We propose a theory of ex post inefficient renegotiation that is based on loss aversion. When two parties write a long …
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This paper studies the effect of mandated severance pay in a matching model featuring wage rigidity for ongoing, but not new, matches. Mandated severance pay matters only if binding real wage rigidities imply inefficient separation under employment at will. In such a case, large enough severance...
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renegotiation within the collective unit. An empirical application to household-level microdata highlights that an explicit …
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renegotiation and relationship-specific investment by the buyer and the seller. As demonstrated by Edlin and Reichelstein (1996), no …
Persistent link: https://www.econbiz.de/10010383019
renegotiation. If the buyer expects renegotiation always to take place, the parties are always able to implement the materially … efficient good ex post. It can be optimal for the buyer, however, to expect that renegotiation does not take place. In this case …
Persistent link: https://www.econbiz.de/10010341925