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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| Định dạng: | Journal article |
| Ngôn ngữ: | English |
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Oxford University Press
2023
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