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Ambiguity in Partnerships

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  • David Kelsey
  • Willy Spanjers

Abstract

The consequences of ambiguity for partnerships are addressed. Partnerships with symmetric linear production functions are analysed in a Choquet Expected Utility (CEU)-framework. Nash equilibrium in pure strategies is extended to CEU-games. A class of sharing rules are proposed that make constructive use of strategic ambiguity in partnerships. Results on "ex ante" efficiency and "ex post" efficiency of the outcomes are presented. Copyright 2004 Royal Economic Society.

Suggested Citation

  • David Kelsey & Willy Spanjers, 2004. "Ambiguity in Partnerships," Economic Journal, Royal Economic Society, vol. 114(497), pages 528-546, July.
    • Handle: RePEc:ecj:econjl:v:114:y:2004:i:497:p:528-546
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    Cited by:

    1. Genda, Yuji & Heckel, Markus & Kambayashi, Ryo, 2019. "Employees who do not know their labour contract term and the implications for working conditions: Evidence from Japanese and Spanish microdata," Japan and the World Economy, Elsevier, vol. 49(C), pages 95-104.
    2. Agliardi, Elettra & Agliardi, Rossella & Spanjers, Willem, 2016. "Corporate financing decisions under ambiguity: Pecking order and liquidity policy implications," Journal of Business Research, Elsevier, vol. 69(12), pages 6012-6020.
    3. Grace C. Liu & Willem Spanjers, 2023. "Modeling Uncertainties and Gender Differences in Entrepreneurial Decision Making," Working Paper series 23-15, Rimini Centre for Economic Analysis.
    4. Christian Bauer, 2012. "Products of non-additive measures: a Fubini-like theorem," Theory and Decision, Springer, vol. 73(4), pages 621-647, October.
    5. Takanori Adachi & Takao Asano, 2011. "Entrepreneurial Choice and Knightian Uncertainty with Borrowing Constraints," KIER Working Papers 803, Kyoto University, Institute of Economic Research.
    6. Spanjers, Willem, 2005. "Loss of confidence and currency crises," Economics Discussion Papers 2005-2, School of Economics, Kingston University London.
    7. Marcelo Sánchez, 2013. "On the Limits of Transparency: The Role of Imperfect Central Bank Knowledge," International Finance, Wiley Blackwell, vol. 16(2), pages 245-271, June.
    8. repec:awi:wpaper:0444 is not listed on IDEAS
    9. Sass, Linda, 2014. "Kuhn's Theorem for Extensive Form Ellsberg Games," Center for Mathematical Economics Working Papers 478, Center for Mathematical Economics, Bielefeld University.
    10. Rossella Agliardi, 2017. "Asymmetric Choquet random walks and ambiguity aversion or seeking," Theory and Decision, Springer, vol. 83(4), pages 591-602, December.
    11. Singer, Marcos & Donoso, Patricio & Rodríguez-Sickert, Carlos, 2008. "A static model of cooperation for group-based incentive plans," International Journal of Production Economics, Elsevier, vol. 115(2), pages 492-501, October.

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