This paper studies investment incentives in the steady state of a dynamic bilateral matching market. Because of search frictions, both parties in a match are partially locked–in when they bargain over the joint surplus from their sunk investments. The associated holdup problem depends on market conditions and is more important for the long side of the market. In the case of investments in homog...

A basic problem in contracting is holdup: after one party has made relationship-specific investments, the other party refuses to perform unless the first one offers better terms than the original contract. Such renegotiation deters relationship-specific investments and reduces the value of trade via contract, which can either result in no trade or more trade within firms. A classic example is t...

3349 Firms routinely rely on the goodwill of their trading partners. In developed economies, ongoing relationships complement formal contracts in mitigating holdup and facilitating transactions (Stewart Macaulay 1963). In developing economies, where contracts enjoy little legal protection, long-term relationships are even more critical for trade (John McMillan and Christopher Woodruff 1999). Th...

A concise review of relevant experimental observations and modeling of high-pressure tricklebed reactors, based on recent studies, is presented. The following topics are considered: flow regime transitions, pressure drop, liquid holdup, gas-liquid interfacial area and mass-transfer coefficient, catalyst wetting efficiency, catalyst dilution with inert fines, and evaluation of tricklebed models ...

fault correction codes (FCCs) are usually used to defend recollections aligned with responsibility. amongst FCCs, orthogonal Latin quadrangle (OLQ) policy have increase transformed concentration for reminiscence SFCurity due to their modularity and the straightforwardness of the decipher algorithm that facilitate low holdup implementations. An important concern is that as FCCs is used, the enco...

We construct a model where the equilibrium organization of firms changes as an economy approaches the world technology frontier. In vertically integrated firms, owners (managers) have to spend time both on production and innovation activities, and this creates managerial overload, and discourages innovation. Outsourcing of some production activities mitigates the managerial overload, but create...

We use ultra-fast Magnetic Resonance Imaging (MRI) to characterise hydrodynamics during pulsing flow in trickle-bed reactors. One-dimensional (1-D) liquid holdup profiles along the flow direction were acquired using Fast Low Angle SHot (FLASH) MRI at spatial and temporal resolutions of 352 μm pixel and 3.3 ms, respectively. Liquid pulse properties such as pulse velocity, duration and frequency ...