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Option Contracts and Renegotiation: A Solution to the Hold-up Problem
Open accessAbstract
In this article, we analyze the canonical hold-up model of Hart and Moore under the assumption that the courts can verify delivery of the good by the seller. It is shown that no further renegotiation design is necessary to achieve the first best: simple option contracts, which give the seller the right to make the delivery decision and specify payments depending on whether delivery takes place, allow implementation of efficient investment decisions and efficient trade.
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Citations
Cited by
Firms, Contracts, and Financial Structure
Hart, O. (1995) · doi:10.1093/0198288816.001.0001 · Cited by 4,672
Firms, Contracts, and Trade Structure
Antras, P. (2003) · The Quarterly Journal of Economics · doi:10.1162/003355303322552829 · Cited by 1,194
Reciprocity and incentive pay in the workplace
Dur, R., Non, A., & Roelfsema, H. (2010) · Journal of Economic Psychology · doi:10.1016/j.joep.2010.05.001 · Cited by 50
Efficient informal trade: Theory and experimental evidence from the Cape Town taxi market
Bengtsson, N. (2015) · Journal of Development Economics · doi:10.1016/j.jdeveco.2015.02.003 · Cited by 14
Metadata
- Authors
- Noldeke, G., & Schmidt, K. M.
- Venue
- The RAND Journal of Economics
- Publisher
- Wiley
- Published
- 1995
- Volume
- 26
- Issue
- 2
- Pages
- 163
- ISSN
- 0741-6261 (ISSN-L)
- OpenAlex
- W1974764876
- Cited by
- 451
- References
- 0
- FWCI
- 34.83
- Type
- journal article
- Language
- en
- Open access
- green
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- CoChat. (2026). Citation check: Option Contracts and Renegotiation: A Solution to the Hold-up Problem. https://app.cochat.ai/papers/10.2307/2555911
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- Noldeke, G., & Schmidt, K. M. (1995). Option Contracts and Renegotiation: A Solution to the Hold-up Problem. The RAND Journal of Economics. https://doi.org/10.2307/2555911
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
