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。