Ex ante investment, ex post adaptation, and joint ownership
Economics Letters, 2020, vol. 187, issue C
This study extends the property rights theory (PRT) model by introducing an ex post adaptation to changes in trade circumstances. We show that if uncertainty is sufficiently high, joint ownership can facilitate both ex ante investment and ex post adaptation.
Keywords: Incomplete contracts; Hold-up problem; Ex post adaptation; Asset ownership (search for similar items in EconPapers)
JEL-codes: D23 L14 M21 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:187:y:2020:i:c:s0165176519304720
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