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Incomplete contracts and allocation of residual claim along the global value chains: evidence from Japan

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  • Hanming Jiang
  • Yiming Zhou
  • Hangtian Xu

Abstract

The seminal work by Antràs and Chor in 2013 predicted that, under incomplete-contracting environments, the optimal allocation of residual claim for firms participating in global production depends on the relative position at which the supplier enters the sequential production and on the demand elasticity faced by the final-good producer. Using data of Japanese value-added exports, this study empirically verifies this theoretical prediction through supportive evidence.

Suggested Citation

  • Hanming Jiang & Yiming Zhou & Hangtian Xu, 2020. "Incomplete contracts and allocation of residual claim along the global value chains: evidence from Japan," Applied Economics Letters, Taylor & Francis Journals, vol. 27(13), pages 1061-1066, June.
    • Handle: RePEc:taf:apeclt:v:27:y:2020:i:13:p:1061-1066
    DOI: 10.1080/13504851.2019.1659924
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