Contextual uncertainty and firm heterogeneity produce the potential for benefits from multi-party relationships, as well as the potential for inefficiencies in such relationships. We introduce the issue of shared control as a factor in the proper modeling of many multi-party relationships, such...

A subset of all R&D joint ventures is characterized by actions and payoffs most similar to a Prisoners' Dilemma game. Firms may cooperate or defect in the venture. When it is unfeasible to obtain independent verification of the venture inputs and outcome, then the dominant solution to the...