Joint Projects without Commitment
AbstractThis paper concerns the pattern of contributions to a joint project when commitments and enforceable contracts are not available. The authors analyze a game in which partners alternate in making contributions to the project until the project is completed. Contributions are sunk when they are made. The game has a unique subgame perfect equilibrium path, which is inefficient in the sense that socially desirable projects may not be completed. By contrast, in a "subscription game" in which the cost of the contribution is borne only if and when the contributions committed to the project cover its cost, the outcome is efficient. Copyright 1991 by The Review of Economic Studies Limited.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of Economic Studies.
Volume (Year): 58 (1991)
Issue (Month): 2 (April)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6527
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