Sonnemans, Joep; Oosterbeek, Hessel; Sloof, Randolp - In: Economic Journal 111 (2001) 474, pp. 791-820
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...