Flexibility - the ability to react swiftly to others' choices - facilitates collusion by reducing gains from defection … before opponents react. Under imperfect monitoring, however, flexibility may also hinder collusion by inducing punishment … after too few noisy signals. The combination of these forces predicts a non-monotonic relationship between flexibility and …

-stage game with uncertainty it is demonstrated that location is influenced by both flexibility and strategic concerns. We show …

This Paper (a) provides a framework for quantifying any economy’s flexibility, and (b) reviews the evidence on New …

. Outsourcing decisions then balance flexibility gains against hold-up costs of opportunistic behaviour by outside contractors. In …