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Uncertainty in Partnerships

Author

Listed:
  • Kelsey, D.
  • Spanjeres, W.

Abstract

In this paper we analyse the consequences of Knightian uncertainty for partnerships with symmetric linear production functions are analysed in a CEU framework. We propose an extension of Nash equilibrium in pure strategies for CEU-games with strategic uncertainty. We find that the presence of uncertainty does not change equilibrium choices of effort levels of partnerships with a linear sharing rule.

Suggested Citation

  • Kelsey, D. & Spanjeres, W., 1997. "Uncertainty in Partnerships," Discussion Papers 97-16, Department of Economics, University of Birmingham.
  • Handle: RePEc:bir:birmec:97-16
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    Cited by:

    1. Rigotti, Luca & Ryan, Matthew & Vaithianathan, Rema, 2001. "Entrepreneurial Innovation," Department of Economics, Working Paper Series qt508109h4, Department of Economics, Institute for Business and Economic Research, UC Berkeley.

    More about this item

    Keywords

    PRODUCTION ; INFORMATION;

    JEL classification:

    • D20 - Microeconomics - - Production and Organizations - - - General
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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