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Un contrat à obligation d'exécution peut-il résoudre le problème du hold-up ?

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  • M’hand Fares

Abstract

This paper aims to define the conditions under which a specific performance contract can solve the hold-up problem. We mainly show two results. First, in a very general environment the efficient solution is achieved only with renegotiation design. Second, in a specific environment where the valuation functions satisfy a separability condition, the efficient solution is implemented only because there is an equivalence result between this condition and a state independence assumption. This implies that a specific performance contrat is unecessary since a volontary contract is also able to achieve efficiency. Classification JEL : D23, D86, K12, L14

Suggested Citation

  • M’hand Fares, 2011. "Un contrat à obligation d'exécution peut-il résoudre le problème du hold-up ?," Revue économique, Presses de Sciences-Po, vol. 62(3), pages 545-555.
  • Handle: RePEc:cai:recosp:reco_623_0545
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    More about this item

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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