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 …

, because with financial performance measures strategic effort can only be rewarded in the future. But renegotiation-proof long …

So far, the existing literature on the hold-up problem with renegotiation has imposed assumptions such that the post-renegotiation …

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 …

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