Mai, Maxim; Smirnov, Vladimir; Wait, Andrew - In: Canadian Journal of Economics 47 (2014) 1, pp. 203-231
We extend the propertyrights framework to allow for a separation of the ownership rights of access and veto and for sequential investment. Parties investing first do so before contracting is feasible. It is possible, however, that parties investing second can share (at least some of) their...