|Original language||English (US)|
|Number of pages||19|
|Journal||Journal of Law, Economics, and Organization|
|State||Published - Sep 1988|
Bibliographical noteFunding Information:
The authors are in alphabetical order. The financial support provided to the first author by the Graduate School Research Committee, University of Wisconsin is gratefully acknowledged. The comments of the JLEO reviewer are greatly appreciated. 1. Specialized assets are those investments in physical and/or human assets that have very limited salvage value outside the focal exchange. 2. Uncertainty refers to the condition of being unable to predict relevant contingencies. 3. Frequency refers to the distinction between one-shot exchange and recurrent exchange. We shall not deal with this variable here since we are interested only in recurrent exchange.