首页 | 本学科首页   官方微博 | 高级检索  
     检索      


Real options with ex-post division of the surplus
Institution:1. Faculty of Economics and Business Administration, Alexandru Ioan Cuza University of Iasi, 22th Carol I Blvd, 700505, Iasi, Romania;2. Swiss National Bank and CEPR, Postfach, 8022 Zurich, Switzerland;3. Swiss National Bank, Postfach, 8022 Zurich, Switzerland
Abstract:This paper examines a real option model where two vertically related firms are involved in a specific investment project that is subject to an uncertain payoff. While ex-post bargaining between a seller and a buyer leads to underinvestment by the seller in a standard model where timing of the seller’s investment is exogenous, we show that this need not be the case when the seller’s timing of investment is endogenous. However, bargaining with a buyer leads to excessive waiting. More severe holdup and higher uncertainty will lead to vertical integration of activities to avoid timing inefficiencies.
Keywords:
本文献已被 ScienceDirect 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号