Shotgun Mechanisms for Common-Value Partnerships: The Unassigned-Offeror Problem
Shotguns clauses are commonly included in the business agreements of partnerships and limited liability companies (LLCs), but the role of o fferor typically remains unassigned. In a common-value, one-sided asymmetric information setting, unfair and ineffcient outcomes occur with an unassigned o fferor. Experimental results are aligned with our theory.
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