Information control in the hold‐up problem
研究了如何通过信息控制来缓解敲竹杠风险，区分了事前投资激励和事后低效的信息不对称，并刻画了最优信息结构及可实现收益。
Abstract We study the use of information control to mitigate hold‐up risks. We identify a distinction between asymmetric information that creates an ex ante investment incentive and asymmetric information that causes ex post inefficiency , which then allows ex post inefficiency to be eliminated without compromising the ex ante investment incentive. We characterize the properties of the optimal information structure and the payoffs and welfare achievable with information control in the presence of hold‐up risks.