НАПРАВЛЕНИЯ ПОВЫШЕНИЯ ПРИВЛЕКАТЕЛЬНОСТИ ЛОТЕРЕЙ, СОПРЯЖЕННЫХ С ОСУЩЕСТВЛЕНИЕМ КООПЕРАТИВНЫХ СПЕЦИФИЧЕСКИХ ИНВЕСТИЦИЙ

Журнал институциональных исследований. 2016. Т. 8. № 4. С. 53–71.

Dzagurova N.

The present article continues the discussion of the theme raised in our preceding article published in the second issue of JIS this year. That article contained the analysis of vertical restraints (VR) set out in (Rey & Tirole, 1986) and (Hansen & Motta, 2015). We proposed an alternative approach, namely, the interpretation of  VR as a tool for increasing the attractiveness of the lotteries associated with  implementation of cooperative specific investments (in the above-mentioned articles the risks associated with market shocks were discussed)

The cooperative specific investments are more risky than the selfish specific investments. First of all, it concerns the possible termination of the contract after a specific investment will be carried out (at ex post stage).  The VR voluntarily adopted by the firm play a significant role in strengthening the incentives for cooperative investments of the firm’s partners as they decrease the risk coupled with these investments.

 Firstly, VR can reduce the riskiness of lotteries associated with investment in specific assets by the redistribution of control in favor of the investing parties

 Secondly, VR can be considered as an element of the firm’s signaling activity aimed to convince the investing  partners in the firm’s readiness to continue cooperation at the ex post stage.

Thirdly, the VR, such as exclusive contracts, ensure receiving by the investing partners  at least partial compensation (for termination of such contracts).

 And only fourthly, VR limit the possible redistribution of quasi-rent between the firm and its partners.

Keywords: специфические инвестиции, вертикальные ограничивающие соглашения, vertical restraints, specific investments, cooperative specific investments, кооперативные специфические инвестиции, compensation for risk, компенсация за риск