renegotiation functions that do not reward agents for unfeasibilities. This result is used to study the possibility of implementing …

renegotiation price in general, and the alternative-use value in particular. …

This paper studies the effect of debt renegotiation on the design of optimal loan arrangements in a model of borrowing … that acts as a payment incentive. Debt renegotiation may occur because bankruptcy involves costly asset liquidation which …

suggests that they should experience comparatively larger gains. However, if renegotiation possibilities are limited by … Socio-Economic Panel indeed shows that, as long as renegotiation opportunities are limited, comparatively better wages for …

effort. These contracts are optimal if the entrepreneur has the bargaining power in renegotiation. If the investor has the …

immediate renegotiation. This is discussed in an axiomatic approach. We show that if, given the revealed information, there … exists a contract which is preferred by everyone, the former contract could not have been renegotiation proof. For private …

should be considered as an instrument for renegotiation with unique features, providing indispensable flexibility to the …

Concerns for relative performance are integrated into a model of contractual renegotiation in bilateral trade. It is … shown that concerns for relative performance do never impede efficient trade. Moreover, conditional on renegotiation to … performance make the occurrence of renegotiation more likely, and may thereby lead to underinvestment even in very optimistic …