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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP3567 |
DP3567 Public Saving and Policy Coordination in Ageing Economies | |
Martin Flodén | |
发表日期 | 2002-10-20 |
出版年 | 2002 |
语种 | 英语 |
摘要 | In an environment in which both buyers and sellers can undertake match specific investments, the presence of market competition for matches may solve hold-up and coordination problems generated by the absence of complete contingent contracts. In particular, this Paper shows that when matching is assortative and sellers? investments precede market competition then investments are constrained efficient. One equilibrium is efficient with efficient matches but also there can be additional equilibria with coordination failures. Different types of inefficiency arise when sellers undertake investment before market competition. These inefficiencies lead to sellers? under-investments due to a hold-up problem but, when competition is at its peak, there is a unique equilibrium of the competition game with efficient matches ? no coordination failures ? and the aggregate hold-up inefficiency is small in a well-defined sense independent of market size. |
主题 | Industrial Organization |
关键词 | Hold-up problem Competition Matching Specific investments |
URL | https://cepr.org/publications/dp3567 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532575 |
推荐引用方式 GB/T 7714 | Martin Flodén. DP3567 Public Saving and Policy Coordination in Ageing Economies. 2002. |
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