EBS4.ppt

Effect 效应on Transactions Costs The holdup problem raises the cost of transacting exchanges问题的含率提高了交易成本的交流Contract negotiations become more difficult合同谈判变得更加困难Investments may have to be made to improve the ex-post bargaining position投资可能要在改善事后的谈判地位Potential holdup can cause distrust含率可能会导致潜在的不信任There could be underinvestment in relation specific assets有可能是投资不足的关系专用性资产 Holdup and Contract 合同Negotiations谈判 When there is potential for holdup, contract negotiations become tedious as each party attempts to build in protections for itself当有潜力的含率，合同谈判变得单调乏味，因为每个部分党试图建立自己的保护Temptations on the part of either party to holdup can lead to frequent renegotiations在党的任一部份含率的诱惑可以导致频繁重新谈判 There could be costly disruptions in the exchange有可能是昂贵的，在交流中断 Holdup and Costly Safeguards Potential for holdup may lead parties to invest in wasteful protective measures对于含率的潜在可能导致投资浪费双方的保护措施Manufacturer may acquire standby production facility for an input that is to be obtained from a market firm制造商可能收购一输入，是从公司获得的备用市场生产设施Floating power plants are used in place of traditional power plants to avoid site specific investments浮动发电厂用在传统的发电厂的地方，避免网站的特定投资 Holdup and Distrust不信任 Potential holdups cause distrust between parties and raise the cost of transactions潜在的含率造成当事人之间的不信任，提高了交易的成本Distrust can make contracting more costly since contracts will have to be more detailed不信任可以使承包合同更加昂贵，因为将有更详细Distrust affects the flow of information needed to achieve process efficiencies不信任影响了信息流需要实现流程效率 Holdup and Underinvestment When there is a holdup, the investment made in relationship-specific assets loses value Anticipating holdups, firms will make otherwise sub-optimal level of investments and suffer higher production costs Asset Specificity and Transactions Costs Relation-specific assets support a particular transaction有关特定资产支持特定的交易Redeploying to other uses is costly重新部署到其他用途的昂贵Quasi rents become available to one party and there is incentive for a holdup准租成为可供一方，有激励抢劫Potential for holdups lead to导致潜