أعرض تسجيلة المادة بشكل مبسط

dc.creator Holden, Helge
dc.creator Holden, Lars
dc.creator Holden, Steinar
dc.date 2005
dc.date.accessioned 2013-10-16T07:01:32Z
dc.date.available 2013-10-16T07:01:32Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/18836
dc.identifier ppn:488943280
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/18836
dc.description Consider a contract over trade in continuous time between two players, according to which one player makes a payment to the other, in exchange for an exogenous service. At each point in time, either player may unilaterally require an adjustment of the contract payment, involving adjustment costs for both players. Players? payoffs from trade under the contract, as well as from trade under an adjusted contract, are exogenous and stochastic. We consider players? choice of whether and when to adjust the contract payment. It is argued that the optimal strategy for each player is to adjust the contract whenever the contract payment relative to the outcome of an adjustment passes a certain threshold, depending among other things of the adjustment costs. There is strategic substitutability in the choice of thresholds, so that if one player becomes more aggressive by choosing a threshold closer to unity, the other player becomes more passive. If players may invest in order to reduce the adjustment costs, there will be over-investment compared to the welfare maximizing levels.
dc.language eng
dc.publisher
dc.relation CESifo working papers 1472
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject C72
dc.subject E31
dc.subject C78
dc.subject C73
dc.subject ddc:330
dc.subject Vertragstheorie
dc.subject Betriebliche Preispolitik
dc.subject Verhandlungstheorie
dc.subject Nichtkooperatives Spiel
dc.subject Anpassung
dc.subject Theorie
dc.title Contract adjustment under uncertainty
dc.type doc-type:workingPaper


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أعرض تسجيلة المادة بشكل مبسط