Option Contracts and Renegotiation: A Solution to the Hold-up Problem
分析Hart-Moore敲竹杠模型，假设法院能验证卖方交货，证明简单期权合同（赋予卖方交货决定权并规定不同情况下的支付）即可实现最优投资和交易，无需额外再谈判设计。
In this article, we analyze the canonical hold-up model of Hart and Moore under the assumption that the courts can verify delivery of the good by the seller. It is shown that no further renegotiation design is necessary to achieve the first best: simple option contracts, which give the seller the right to make the delivery decision and specify payments depending on whether delivery takes place, allow implementation of efficient investment decisions and efficient trade.