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Copyright © STICERD 1998 Theoretical Economics Discussion Paper Costly Coasian Contracts Luca Anderlini and Leonardo Felli October 1998 LSE STICERD Research Paper No. TE/1998/362 This paper can be downloaded without charge from: http://sticerd.lse.ac.uk/dps/te/te362.pdf
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Copyright © STICERD 1998  

Theoretical Economics Discussion Paper  

Costly Coasian Contracts Luca Anderlini and Leonardo Felli 

October 1998 

 

LSE STICERD Research Paper No. TE/1998/362This paper can be downloaded without charge from: http://sticerd.lse.ac.uk/dps/te/te362.pdf 

 

 

COSTLY COASIAN CONTRACTS*

Luca AnderliniSt John’s College, Cambridge

and

Leonardo FelliLondon School of Economics and Political Science

Paper presented at the STICERD 20th Anniversary Workshop in June 1998 onPublic Policy and the Theory of Institutions

Contents:Abstract1. Introduction2. Ex-Ante Contractual Costs3. A ‘Reduced Form’ Model with Discrete Ex-Ante Costs4. Contracts over Contracts, … over Contracts5. A ‘Reduced Form’ Model with Continuous Costs6. Negotiation of the Distribution Parameter7. Surplus Size as a Function of its Distribution8. Concluding RemarksAppendixReferencesList of previous papers in this series

Theoretical Economics WorkshopThe Suntory CentreSuntory and Toyota International Centresfor Economics and Related DisciplinesLondon School of Economics and PoliticalScience

Discussion Paper Houghton StreetNo. TE/98/362 London WC2A 2AEOctober 1998 Tel.: 0171-405 7686

* This is a revised version of a working paper entitled ‘Costly Contingent Contracts’(Anderlini and Felli, 1996). We are grateful to Sandeep Baliga, Jack Beatson, Tim Besley,Patrick Bolton, Jan Boone, Luis Cabral, Jacques Crϑmer, Thomas de Garidel, AntoineFaure-Grimaud, Oliver Hart, FranΗois Ortalo-Magnϑ, Stephen Matthews, John Moore, KlausSchmidt, Emanuela Sciubba, Tomas Sjstrm, Kevin Roberts, Ariel Rubinstein and YoramWeiss for useful suggestions and comments. We thank seminar participants at a number ofU.K., U.S. , European and Israeli institutions for their valuable feedback. The full list ofinstitution names being too long to fit in this footnote. Financial support from St John’sCollege, Cambridge, and the Suntory and Toyota International Centres for Economics andRelated Disciplines at LSE is gratefully acknowledged. We are solely responsible for anyremaining errors.

Abstract

We identify and investigate the basic ‘hold-up problem’ which arises

whenever each party to a contract has to pay some ex-ante cost for the

contract to become feasible. We then proceed to show that, under

plausible circumstances, a ‘contractual solution’ to this hold-up problem

is not available. This is because a contractual solution to the hold-up

problem typically entails writing a ‘contract over a contract’ which

generates a fresh set of ex-ante costs, and hence is associated with a

new hold-up problem.

Keywords: Ex-ante contractual costs; hold-up problem; Coase theorem;contracts over contracts; incomplete contracts.

JEL Nos.: C70, D23, D60, D80

© by Luca Anderlini and Leonardo Felli. All rights reserved. Shortsections of text, not to exceed two paragraphs, may be quoted withoutexplicit permission provided that full credit, including © notice, is given tothe source.

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