Competition for natural resources and the hold‐up problem
研究了资源型产业中外商直接投资中的套牢问题，发现东道国政府无法承诺不征用投资或提供本地资源，而资源竞争反而提高投资水平和东道国收入，但损害国际投资者利润。
Abstract We study the role of competition for the hold‐up problem in foreign direct investment in resource‐based industries. The host country government is not only unable to commit not to expropriate investment ex post but also unable to commit to the provision of local resources. In the case of competition for local resources, this dual commitment problem triggers higher investment levels and increases host country revenues, but hurts profits of international investors.