Uncertainty, investment and productivity with relational contracts

With relational contracts, increased uncertainty with no change in factor prices is shown to reduce investment in the long run even if the parties are risk-neutral. This contrasts with models based on the impact of financial risk on the cost of capital and on the option value arising from irreversib...

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Bibliografski detalji
Glavni autor: Malcomson, JM
Format: Journal article
Jezik:English
Izdano: Oxford University Press 2023