Noncontractible Investments and Reference Points

We analyze noncontractible investments in a model with shading. A seller can make an investment that affects a buyer's value. The parties have outside options that depend on asset ownership. When shading is not possible and there is no contract renegotiation, an optimum can be achieved by giving the

我们在含要挟（shading）的模型中分析不可缔约投资（noncontractible investments）。卖方可进行影响买方价值的投资。双方拥有的外部选择权取决于资产所有权。当无法进行要挟且不存在契约再谈判时，通过赋予……即可实现最优解。