G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3567
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
URLhttps://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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