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| Author: | Lülfesmann, C. |
| Title: | Team production, sequential investments, and stochastic payoffs |
| Journal: | Journal of Institutional and Theoretical Economics
2001 : SEP, VOL. 157:3, p. 430-442 |
| Index terms: | INVESTMENT STOCHASTIC PROCESSES |
| Freeterms: | TEAM PRODUCTION |
| Language: | eng |
| Abstract: | This paper investigates a team production problem where two parties invest sequentially to generate a joint surplus. The authors find that the first best can be implemented even if the investment return is highly uncertain. |
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