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Shotgun Mechanisms for Common-Value Partnerships: The Unassigned-Offeror Problem

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Author Info

  • Landeo, Claudia

    ()
    (University of Alberta, Department of Economics)

  • Spier, Kathryn

    ()
    (Harvard Law School)

Abstract

Shotguns clauses are commonly included in the business agreements of partnerships and limited liability companies (LLCs), but the role of o fferor typically remains unassigned. In a common-value, one-sided asymmetric information setting, unfair and ineffcient outcomes occur with an unassigned o fferor. Experimental results are aligned with our theory.

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File URL: http://www.economics.ualberta.ca/~/media/economics/FacultyAndStaff/WPs/WP2013-10-Landeo-Spier
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Bibliographic Info

Paper provided by University of Alberta, Department of Economics in its series Working Papers with number 2013-10.

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Length: 29 pages
Date of creation: 01 Jul 2013
Date of revision:
Handle: RePEc:ris:albaec:2013_010

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Keywords: Business Deadlock; Shotgun Mechanisms; Asymmetric Information; Experiments;

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  1. Maria Angeles de Frutos & Thomas Kittsteiner, 2004. "Efficient partnership dissolution under buy/sell clauses," Bonn Econ Discussion Papers bgse1_2004, University of Bonn, Germany, revised Jul 2004.
  2. Che, Yeon-Koo & Hendershott, Terrence, 2006. "How to Divide the Possession of a Football?," MPRA Paper 6103, University Library of Munich, Germany.
  3. Brooks, Richard & Landeo, Claudia & Spier, Kathryn, 2009. "Trigger Happy or Gun Shy? Dissolving Common-Value Partnerships with Texas Shootouts," Working Papers 2009-1, University of Alberta, Department of Economics, revised 01 Jul 2013.
  4. Landeo, Claudia & Spier, Kathryn, 2013. "Shotguns and Deadlocks," Working Papers 2013-5, University of Alberta, Department of Economics.
  5. Landeo, Claudia & Spier, Kathryn, 2013. "Irreconcilable Differences: Judicial Resolution of Business Deadlock," Working Papers 2013-9, University of Alberta, Department of Economics.
  6. Crawford, Vincent P, 1977. "A Game of Fair Division," Review of Economic Studies, Wiley Blackwell, vol. 44(2), pages 235-47, June.
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