Cole, Harold; Mailath, George; Postlewaite, Andrew - In: Advances in Theoretical Economics 1 (2001) advances/1/1, pp. 1005-1005
Individuals making investments typically do not have incentives to invest efficiently when they cannot contract prior to their decisions. When they bargain over the surplus generated by their investments, they will usually not obtain the full fruits of the investment. Intuitively, this hold-up...
