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Ambiguity in partnerships
University of Exeter; Kingston University
The Economic Journal
The consequences of ambiguity for partnerships are addressed. Partnerships with symmetric linear production functions are analysed in a Choquet Expected Utility (CEU)-framework. Nash equilibrium in pure strategies is extended to CEU-games. A class of sharing rules are proposed that make constructive use of strategic ambiguity in partnerships. Results on "ex ante" efficiency and "ex post" efficiency of the outcomes are presented.
Research supported by ESCR grant no. R000222597; by the British Academy and by the Commerzbank-Stiftung
Economic Journal, Vol. 114, No. 497, pp. 528-546, July 2004