Once the "investments" are made, both party's assets have subustantially less value in market exchange due to the specificity involved. As a result, costly bargaining (and in this case hilarity) ensues.
Tuesday, October 07, 2008
Asset Specificity
Once the "investments" are made, both party's assets have subustantially less value in market exchange due to the specificity involved. As a result, costly bargaining (and in this case hilarity) ensues.
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