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Tekijä: | Konishi, H. Okuno-Fujiwara, M. Suzuki, Y. |
Otsikko: | Competition through endogenized tournaments : an interpretation of "face-to-face" competition |
Lehti: | Journal of the Japanese and International Economies
1996 : SEP, VOL. 10:3, p. 199-232 |
Asiasana: | COMPETITION GAME THEORY JAPAN |
Kieli: | eng |
Tiivistelmä: | This paper presents an alternative solution, called "face-to-face" competition, to the hold-up problem of relation-specific investments in the world of incomplete contracts. By inherent multiplicity of equilibria and incentive-compatible equilibrium selection, a tournament among multiple agents is endogenously created in the structure of face-to-face competition to strenghten their investment incentive. This approach also explains, by the reason other than bargaining power and insurance, why typical auto-assemblers in Japan do not vertically integrate a single parts supplier but transact with two potentially competitive suppliers in their developments on new models. |
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