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Question
Often both parties in a failed alliance accuse each other of
A) adverse selection.
B) tacit collusion.
C) moral hazard.
D) holdup.
Answer
This answer is hidden. It contains 1 characters.
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Sometimes the value of cheating in a joint venture is sufficiently large that a firm cheats even though doing so hurts the joint venture and forecloses future opportunities.
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In general, contracts are sufficient to resolve all the problems associated with cheating in an alliance.
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In an alliance a holdup occurs when a firm that has not made significant transaction-specific investments demands returns from an alliance that are higher than what the partners agreed to when they created the alliance.