This paper shows how partial equity participations can solve the hold-up problem: by weakening the bargaining position, they make the hold-up less effective, and thus improve investment and specialization incentives of the other party. With one-sided dependency, a 50% participation gives full efficiency. In the case of bilateral dependency, the unique efficient solution is equivalent to a merge...

The acquisition of information prior to sale gives rise to a hold-up situation quite naturally. Yet, while the bulk of the literature on the hold-up problem considers negotiations under symmetric information where cooperative short-cuts such as split the di¤erence capture the outcome of bargaining, in the present setting, parties negotiate under asymmetric information where the outcome must be ...

Much of the literature on what determines the scope of operations of a producer has centered on the bhold-up problemQ. The standard results indicate the hold-up problem may lead to suboptimal investments, and therefore integration may improve the organization of production. In this paper, we consider a repeated relationship with durable investments and show the possibility of integration improv...

The present investigation is based on the idea of intensifying the gas-solids contact in a circulating fluidized bed by introducing obstacles into it. Such obstacles may effectively suppress radial inhomogeneities in the solids flux and concentration, increase the dynamic solids hold-up, and break up solids clusters. This article (Part I) deals with the hydrodynamics (pressure drop and solids h...

Flotation process in mechanical cells is carried out in highly turbulent conditions. In this work, the impact of impeller speed on four characteristics of the quiescent zone, i.e. zone height, turbulence, solid percentage, and gas holdup, and their relationship with the entrainment is investigated, and it is shown why at a higher impeller speed, entrainment is not significant. The height of the...