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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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    Citations

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    Cited by:

    1. Christian Bauer, 2012. "Products of non-additive measures: a Fubini-like theorem," Theory and Decision, Springer, vol. 73(4), pages 621-647, October.
    2. Takanori Adachi & Takao Asano, 2011. "Entrepreneurial Choice and Knightian Uncertainty with Borrowing Constraints," KIER Working Papers 803, Kyoto University, Institute of Economic Research.
    3. Spanjers, Willem, 2005. "Loss of confidence and currency crises," Economics Discussion Papers 2005-2, School of Economics, Kingston University London.
    4. 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.
    5. 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.
    6. Eichberger, Jürgen & Spanjers, Willem, 2003. "Liquidity and Ambiguity: Banks or Asset Markets?," Economics Discussion Papers 2003-11, School of Economics, Kingston University London.
    7. Sass, Linda, 2014. "Kuhn's Theorem for Extensive Form Ellsberg Games," Center for Mathematical Economics Working Papers 478, Center for Mathematical Economics, Bielefeld University.
    8. repec:kap:theord:v:83:y:2017:i:4:d:10.1007_s11238-017-9632-x is not listed on IDEAS
    9. 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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