Unobservable Investment and the Hold-Up Problem
研究买方在讨价还价前可进行不可观测投资的情形，发现若卖方频繁出价，买方会有效投资但卖方攫取全部剩余，从而解决敲竹杠问题。
We study a two-person bargaining problem in which the buyer may invest and increase his valuation of the object before bargaining. We show that if all offers are made by the seller and the time between offers is small, then the buyer invests efficiently and the seller extracts all of the surplus. Hence, bargaining with frequently repeated offers remedies the hold-up problem even when the agent who makes the relation-specific investment has no bargaining power and contracting is not possible. We consider alternative formulations with uncertain gains from trade or two-sided investment.