This paper examines the profitability of three types of integration in a cooperative game solved by a random-order value ("e.g." the Shapley value). Collusion between players i and j is a contract merging their resources in the hands of one of them, say formula i. This contract can be...

This paper examines the profitability of three types of integration in a cooperative game solved by a random-order value (e.g. the Shapley value). Collusion between players i and j is a contract merging their resources in the hands of one of them, say i. This contract can be represented as a...

The paper considers a hold-up model where only one of n future trading opportunities will prove to be efficient and where ex post renegotiation of the ex ante contract cannot be prevented. As the environment becomes more complex (n approaches infinity) the outcome under any message-contingent...