On The Relation Between Asset Ownership and Specific Investments  

Oleh:

Sonnemans, Joep ; Oosterbeek, Hessel ; Sloof, Randolph

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 111 no. 474 (2001), page 791-820.
Topik: investment; relation; asset ownership; investments
Fulltext: 791.pdf (328.94KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.5 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Experimental results are presented for a simplified version of Hart's (1995) theory of the firm. Theory predicts that investment levels remain constant when investors' no - trade pay - offs increase, if these pay - offs are threat points. While they may decrease when no - trade pay - offs are outside options. Our results support these predictions in a relative sense. Average investment levels exceed the predicted level. Actual investment behaviour is consistent with the outcomes of the bargaining stage. The play of the game is supported by a reciprocity mechanism in which non - investors consider higher investment levels as fair behaviour which deserves a reward. Investors anticipate this.

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