文章基本信息

标题：Reputation and Allocation of Ownership
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作者：Maija Halonen
期刊名称：Japanese Studies Programme Papers
出版年度：1995
出版社：Suntory Toyota International Centres for Economics and Related Disciplines
摘要：We show that allocation of ownership matters even in a long-term relationship where problems of opportunism are less severe unless agents are very patient. Ownership structure is chosen to give the agents best incentives to cooperate. The optimal control structure of the static game restricts the gain from deviation to be the lowest but also the punishment will be minimal. The worst ownership structure of the one-shot game is good in the repeated setting, because it provides the highest punishment but bad, because the gain from deviation is also the highest. We show that when investment costs are very elastic partnership and a hostage-type solution arise in equilibrium. While when costs are moderately elastic the results of the one-shot game apply
关键词：Ownership; reputation; allocation; one-shot game; investment costs; ;agents; optimal control structure