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 …

How does renegotiation affect contracts between a principal and an agent subject to persistent private information and … moral hazard? This paper introduces a concept of renegotiation-proofness, which adapts to stochastic games the concepts of … weak renegotiation-proofness and internal consistency by exploiting natural comparisons across states. When the agent has …

discount factors. Afterwards, we examine different concepts of renegotiation-proofness and extend the characterization to … renegotiation-proof payoffs. …

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 …

hypothesis in a canonical buyer-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 …

We propose a theory of ex post inefficient renegotiation that is based on loss aversion. When two parties write a long …

renegotiation and relationship-specific investment by the buyer and the seller. As demonstrated by Edlin and Reichelstein (1996), no …

manufacturer fail in its subsequent negotiation with the second retailer. Renegotiation from scratch induces the first contracting …