Destructing the hold-up
In an example of hold-up, giving the investing party the ability to destroy his relationship-specific investment can accommodate equilibria without under-investment. It suggests that destruction can be a possible incentive device in enhancing efficiency in bilateral relationships with hold-up.
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- Roger B. Myerson & Mark A. Satterthwaite, 1981.
"Efficient Mechanisms for Bilateral Trading,"
469S, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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