. "\u041F\u0440\u043E\u0431\u043B\u0435\u043C\u0430 \u0448\u0430\u043D\u0442\u0430\u0436\u0430 \u2013 \u0432 \u0442\u0435\u043E\u0440\u0438\u0438 \u043A\u043E\u043D\u0442\u0440\u0430\u043A\u0442\u043E\u0432 \u043F\u0440\u043E\u0431\u043B\u0435\u043C\u0430, \u0432\u043E\u0437\u043D\u0438\u043A\u0430\u044E\u0449\u0430\u044F \u043C\u0435\u0436\u0434\u0443 \u0434\u0432\u0443\u043C\u044F \u044D\u043A\u043E\u043D\u043E\u043C\u0438\u0447\u0435\u0441\u043A\u0438\u043C\u0438 \u0430\u0433\u0435\u043D\u0442\u0430\u043C\u0438, \u043A\u043E\u0433\u0434\u0430 \u043E\u0434\u043D\u0430 \u0441\u0442\u043E\u0440\u043E\u043D\u0430 \u043E\u0441\u0443\u0449\u0435\u0441\u0442\u0432\u043B\u044F\u0435\u0442 \u0441\u043F\u0435\u0446\u0438\u0444\u0438\u0447\u0435\u0441\u043A\u0438\u0435 \u0438\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0438, \u043D\u0435\u043E\u0431\u0445\u043E\u0434\u0438\u043C\u044B\u0435 \u0434\u043B\u044F \u0443\u0441\u0442\u0430\u043D\u043E\u0432\u043B\u0435\u043D\u0438\u044F \u0438\u043B\u0438 \u043F\u043E\u0434\u0434\u0435\u0440\u0436\u0430\u043D\u0438\u044F \u043E\u0442\u043D\u043E\u0448\u0435\u043D\u0438\u0439, \u0430 \u0434\u0440\u0443\u0433\u0430\u044F \u0441\u0442\u043E\u0440\u043E\u043D\u0430 \u043F\u043E\u043B\u0443\u0447\u0430\u0435\u0442 \u0432\u043E\u0437\u043C\u043E\u0436\u043D\u043E\u0441\u0442\u044C \u0448\u0430\u043D\u0442\u0430\u0436\u0430, \u0432\u044B\u043C\u043E\u0433\u0430\u044F \u043B\u0443\u0447\u0448\u0438\u0435 \u0443\u0441\u043B\u043E\u0432\u0438\u044F \u043F\u043E \u0441\u0440\u0430\u0432\u043D\u0435\u043D\u0438\u044E \u0441 \u0443\u0441\u043B\u043E\u0432\u0438\u044F\u043C\u0438, \u0441\u0443\u0449\u0435\u0441\u0442\u0432\u043E\u0432\u0430\u0432\u0448\u0438\u043C\u0438 \u0434\u043E \u0442\u043E\u0433\u043E, \u043A\u0430\u043A \u0438\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0438 \u0431\u044B\u043B\u0438 \u0441\u0434\u0435\u043B\u0430\u043D\u044B. \u0421\u043F\u0435\u0446\u0438\u0444\u0438\u0447\u0435\u0441\u043A\u0438\u0439 \u0445\u0430\u0440\u0430\u043A\u0442\u0435\u0440 \u0438\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0439 \u0441\u043E\u0441\u0442\u043E\u0438\u0442 \u0432 \u0442\u043E\u043C, \u0447\u0442\u043E \u043E\u0442 \u043D\u0438\u0445 \u0441\u043B\u043E\u0436\u043D\u043E \u043E\u0442\u043A\u0430\u0437\u0430\u0442\u044C\u0441\u044F \u0438/\u0438\u043B\u0438 \u0438\u0441\u043F\u043E\u043B\u044C\u0437\u043E\u0432\u0430\u0442\u044C \u0438\u0445 \u0430\u043B\u044C\u0442\u0435\u0440\u043D\u0430\u0442\u0438\u0432\u043D\u044B\u043C \u043E\u0431\u0440\u0430\u0437\u043E\u043C. \u0421\u0434\u0435\u043B\u0430\u043D\u043D\u044B\u0435 \u0438\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0438 \u043C\u0435\u043D\u044F\u044E\u0442 \u043F\u0435\u0440\u0435\u0433\u043E\u0432\u043E\u0440\u043D\u0443\u044E \u0441\u0438\u043B\u0443 \u0441\u0442\u043E\u0440\u043E\u043D, \u0447\u0442\u043E \u0438 \u043F\u0440\u0438\u0432\u043E\u0434\u0438\u0442 \u043A \u0432\u043E\u0437\u043C\u043E\u0436\u043D\u043E\u0441\u0442\u0438 \u0448\u0430\u043D\u0442\u0430\u0436\u0430. \u041F\u0440\u043E\u0431\u043B\u0435\u043C\u0430 \u0448\u0430\u043D\u0442\u0430\u0436\u0430 \u0438\u0437\u0443\u0447\u0430\u0435\u0442\u0441\u044F \u0432 \u0442\u0435\u043E\u0440\u0438\u0438 \u043A\u043E\u043D\u0442\u0440\u0430\u043A\u0442\u043E\u0432 \u0438 \u0442\u0435\u043E\u0440\u0438\u0438 \u043E\u0442\u0440\u0430\u0441\u043B\u0435\u0432\u044B\u0445 \u0440\u044B\u043D\u043A\u043E\u0432."@ru . "Hold-up problem"@en . . . . . . . . "Con il termine hold-up in economia ci si riferisce ad una situazione nella quale due parti stiano per effettuare una transazione che richieda investimenti specifici da una parte o dall'altra."@it . . . . . . . "Hold-up-Problem"@de . . "Con il termine hold-up in economia ci si riferisce ad una situazione nella quale due parti stiano per effettuare una transazione che richieda investimenti specifici da una parte o dall'altra."@it . . . "\u30DB\u30FC\u30EB\u30C9\u30A2\u30C3\u30D7\u554F\u984C \uFF08 -\u3082\u3093\u3060\u3044\u3001hold-up problem\uFF09 \u3068\u306F\u3001\u3044\u3063\u305F\u3093\u884C\u308F\u308C\u3066\u3057\u307E\u3046\u3068\u5143\u306B\u623B\u3059\u306E\u304C\u96E3\u3057\u304F\u3001\u3057\u304B\u3082\u4EA4\u6E09\u306E\u76F8\u624B\u306E\u5F37\u3055\u3092\u5897\u3057\u3066\u3057\u307E\u3046\u3088\u3046\u306A\u6295\u8CC7\u306B\u95A2\u3057\u3066\u767A\u751F\u3059\u308B\u554F\u984C\u3067\u3042\u308B\u3002\u4E3B\u306B\uFF08\u5185\u5BB9\u304C\u4E0D\u78BA\u5B9F\u3067\u3042\u308B\u3088\u3046\u306A\u5951\u7D04\uFF09\u306B\u304A\u3044\u3066\u767A\u751F\u3059\u308B\u3002 \u73FE\u5B9F\u306E\u53D6\u5F15\u3067\u306F\u3001\uFF08\u3042\u3089\u3086\u308B\u4E0D\u78BA\u5B9A\u306A\u8981\u7D20\u3092\u7E54\u308A\u8FBC\u3093\u3060\u5951\u7D04\uFF09\u3092\u7D50\u3076\u3053\u3068\u306F\u6975\u3081\u3066\u56F0\u96E3\u3067\u3042\u308B\u3002\u4F8B\u3048\u3070\u3001\u5951\u7D04\u306B\u66F8\u304B\u308C\u3066\u3044\u306A\u3044\u4E8B\u614B\u304C\u751F\u3058\u305F\u5834\u5408\u3001\u53D6\u5F15\u306E\u5F53\u4E8B\u8005\u306F\u6A5F\u4F1A\u4E3B\u7FA9\u7684\u306A\u884C\u52D5\uFF08\u81EA\u5206\u306B\u3068\u3063\u3066\u90FD\u5408\u306E\u3044\u3044\u3088\u3046\u306A\u884C\u52D5\uFF09\u3092\u53D6\u308D\u3046\u3068\u3059\u308B\u3002\uFF08\u305F\u3068\u3048\u5F53\u4E8B\u8005\u306B\u3068\u3063\u3066\u3053\u306E\u53D6\u5F15\u304C\u6709\u76CA\u3067\u3042\u308D\u3046\u3068\u3082\u3001\u305D\u306E\u4ED6\u306E\u53D6\u5F15\u3067\u306F\u4FA1\u5024\u304C\u7121\u304F\u306A\u308B\u3088\u3046\u306A\u6295\u8CC7\uFF09\u3092\u884C\u3063\u3066\u3044\u308B\u5834\u5408\u3001\u53D6\u5F15\u306B\u95A2\u3059\u308B\u4EA4\u6E09\u304C\u6C7A\u88C2\u3057\u3066\u95A2\u4FC2\u304C\u7D99\u7D9A\u3055\u308C\u306A\u304F\u306A\u308C\u3070\u3001\u6295\u8CC7\u306F\u5168\u304F\u7121\u610F\u5473\u306A\u3082\u306E\u3068\u306A\u3063\u3066\u3057\u307E\u3046\u3002\u305D\u306E\u305F\u3081\u3001\u6295\u8CC7\u3092\u884C\u3046\u7D4C\u6E08\u4E3B\u4F53\u306B\u306F\u3001\u305D\u306E\u3053\u3068\u306B\u4ED8\u3051\u8FBC\u307E\u308C\u4E0D\u672C\u610F\u306A\u8B72\u6B69\u3092\u5F37\u3044\u3089\u308C\u308B\u5371\u967A\u6027\u304C\u3042\u308B\u3002\u95A2\u4FC2\u7279\u6B8A\u6295\u8CC7\u304C\u306A\u3055\u308C\u3066\u3044\u308B\u305F\u3081\u306B\u3001\u6295\u8CC7\u3092\u884C\u3046\u7D4C\u6E08\u4E3B\u4F53\u306F\u6295\u8CC7\u306B\u5BFE\u3057\u3066\u81C6\u75C5\u306B\u306A\u3063\u3066\u3057\u307E\u3044\u3001\u305D\u306E\u7D50\u679C\u3001\u9069\u6B63\u306A\u6295\u8CC7\u304C\u884C\u308F\u308C\u306A\u3044\u3068\u3044\u3046\u72B6\u614B\u306B\u5411\u304B\u308F\u305B\u308B\u30A4\u30F3\u30BB\u30F3\u30C6\u30A3\u30D6\u304C\u4E8B\u524D\u306B\u4E0E\u3048\u3089\u308C\u308B\u3053\u3068\u306B\u306A\u308B\u3002\u30DB\u30FC\u30EB\u30C9\u30A2\u30C3\u30D7\u554F\u984C\u306F\u3001\u3053\u306E\u3088\u3046\u306A\u4E0D\u5B8C\u5099\u5951\u7D04\u306B\u304A\u3051\u308B\u95A2\u4FC2\u7279\u6B8A\u6295\u8CC7\u304C\u3082\u305F\u3089\u3059\u975E\u52B9\u7387\u306A\u6295\u8CC7\u306E\u554F\u984C\u3092\u6307\u3059\u3002"@ja . . . "19721"^^ . . . . . "In economics, the hold-up problem is central to the theory of incomplete contracts, and shows the difficulty in writing complete contracts. A hold-up problem arises when two factors are present: 1. \n* Parties to a future transaction must make noncontractible relationship-specific investments before the transaction takes place. 2. \n* The specific form of the optimal transaction (such as quality-level specifications, time of delivery, what quantity of units) cannot be determined with certainty beforehand. The hold-up problem is a situation where two parties may be able to work most efficiently by cooperating but refrain from doing so because of concerns that they may give the other party increased bargaining power and thus reduce their own profits. When party A has made a prior commitment to a relationship with party B, the latter can 'hold up' the former for the value of that commitment. The hold-up problem leads to severe economic cost and might also lead to underinvestment."@en . . . . . . . . . "1117957895"^^ . . . . . . . "1537122"^^ . . . . . . . "Das Hold-up-Problem (von engl. hold up f\u00FCr \u201E\u00DCberfall\u201C oder \u201ESt\u00F6rung\u201C) wird in den Wirtschaftswissenschaften, vor allem in der Vertragstheorie, als eine Situation beschrieben, bei der man von zwei Vertragspartnern ausgeht, die ex ante eine Gesch\u00E4ftsbeziehung eingehen. Dabei sind die beiden Partner dem Lock-in-Effekt unterworfen, d. h., sie sind in dieser Gesch\u00E4ftsbeziehung aneinander gebunden. Hieraus besteht die Gefahr von ex post opportunistischem Verhalten. Die eine Partei kann der anderen Handelskonditionen aufzwingen, die ihre anf\u00E4nglichen Investitionskosten nicht ausreichend decken. Da es keine Ausweichm\u00F6glichkeit gibt, muss diese ung\u00FCnstige Kondition akzeptiert werden. Durch Antizipation dieses Problems werden ex ante niedrigere Investitionen gemacht, als effizient w\u00E4ren."@de . . "Das Hold-up-Problem (von engl. hold up f\u00FCr \u201E\u00DCberfall\u201C oder \u201ESt\u00F6rung\u201C) wird in den Wirtschaftswissenschaften, vor allem in der Vertragstheorie, als eine Situation beschrieben, bei der man von zwei Vertragspartnern ausgeht, die ex ante eine Gesch\u00E4ftsbeziehung eingehen. Dabei sind die beiden Partner dem Lock-in-Effekt unterworfen, d. h., sie sind in dieser Gesch\u00E4ftsbeziehung aneinander gebunden. Hieraus besteht die Gefahr von ex post opportunistischem Verhalten. Die eine Partei kann der anderen Handelskonditionen aufzwingen, die ihre anf\u00E4nglichen Investitionskosten nicht ausreichend decken. Da es keine Ausweichm\u00F6glichkeit gibt, muss diese ung\u00FCnstige Kondition akzeptiert werden. Durch Antizipation dieses Problems werden ex ante niedrigere Investitionen gemacht, als effizient w\u00E4ren."@de . . . . "\u041F\u0440\u043E\u0431\u043B\u0435\u043C\u0430 \u0448\u0430\u043D\u0442\u0430\u0436\u0430 \u2013 \u0432 \u0442\u0435\u043E\u0440\u0438\u0438 \u043A\u043E\u043D\u0442\u0440\u0430\u043A\u0442\u043E\u0432 \u043F\u0440\u043E\u0431\u043B\u0435\u043C\u0430, \u0432\u043E\u0437\u043D\u0438\u043A\u0430\u044E\u0449\u0430\u044F \u043C\u0435\u0436\u0434\u0443 \u0434\u0432\u0443\u043C\u044F \u044D\u043A\u043E\u043D\u043E\u043C\u0438\u0447\u0435\u0441\u043A\u0438\u043C\u0438 \u0430\u0433\u0435\u043D\u0442\u0430\u043C\u0438, \u043A\u043E\u0433\u0434\u0430 \u043E\u0434\u043D\u0430 \u0441\u0442\u043E\u0440\u043E\u043D\u0430 \u043E\u0441\u0443\u0449\u0435\u0441\u0442\u0432\u043B\u044F\u0435\u0442 \u0441\u043F\u0435\u0446\u0438\u0444\u0438\u0447\u0435\u0441\u043A\u0438\u0435 \u0438\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0438, \u043D\u0435\u043E\u0431\u0445\u043E\u0434\u0438\u043C\u044B\u0435 \u0434\u043B\u044F \u0443\u0441\u0442\u0430\u043D\u043E\u0432\u043B\u0435\u043D\u0438\u044F \u0438\u043B\u0438 \u043F\u043E\u0434\u0434\u0435\u0440\u0436\u0430\u043D\u0438\u044F \u043E\u0442\u043D\u043E\u0448\u0435\u043D\u0438\u0439, \u0430 \u0434\u0440\u0443\u0433\u0430\u044F \u0441\u0442\u043E\u0440\u043E\u043D\u0430 \u043F\u043E\u043B\u0443\u0447\u0430\u0435\u0442 \u0432\u043E\u0437\u043C\u043E\u0436\u043D\u043E\u0441\u0442\u044C \u0448\u0430\u043D\u0442\u0430\u0436\u0430, \u0432\u044B\u043C\u043E\u0433\u0430\u044F \u043B\u0443\u0447\u0448\u0438\u0435 \u0443\u0441\u043B\u043E\u0432\u0438\u044F \u043F\u043E \u0441\u0440\u0430\u0432\u043D\u0435\u043D\u0438\u044E \u0441 \u0443\u0441\u043B\u043E\u0432\u0438\u044F\u043C\u0438, \u0441\u0443\u0449\u0435\u0441\u0442\u0432\u043E\u0432\u0430\u0432\u0448\u0438\u043C\u0438 \u0434\u043E \u0442\u043E\u0433\u043E, \u043A\u0430\u043A \u0438\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0438 \u0431\u044B\u043B\u0438 \u0441\u0434\u0435\u043B\u0430\u043D\u044B. \u0421\u043F\u0435\u0446\u0438\u0444\u0438\u0447\u0435\u0441\u043A\u0438\u0439 \u0445\u0430\u0440\u0430\u043A\u0442\u0435\u0440 \u0438\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0439 \u0441\u043E\u0441\u0442\u043E\u0438\u0442 \u0432 \u0442\u043E\u043C, \u0447\u0442\u043E \u043E\u0442 \u043D\u0438\u0445 \u0441\u043B\u043E\u0436\u043D\u043E \u043E\u0442\u043A\u0430\u0437\u0430\u0442\u044C\u0441\u044F \u0438/\u0438\u043B\u0438 \u0438\u0441\u043F\u043E\u043B\u044C\u0437\u043E\u0432\u0430\u0442\u044C \u0438\u0445 \u0430\u043B\u044C\u0442\u0435\u0440\u043D\u0430\u0442\u0438\u0432\u043D\u044B\u043C \u043E\u0431\u0440\u0430\u0437\u043E\u043C. \u0421\u0434\u0435\u043B\u0430\u043D\u043D\u044B\u0435 \u0438\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0438 \u043C\u0435\u043D\u044F\u044E\u0442 \u043F\u0435\u0440\u0435\u0433\u043E\u0432\u043E\u0440\u043D\u0443\u044E \u0441\u0438\u043B\u0443 \u0441\u0442\u043E\u0440\u043E\u043D, \u0447\u0442\u043E \u0438 \u043F\u0440\u0438\u0432\u043E\u0434\u0438\u0442 \u043A \u0432\u043E\u0437\u043C\u043E\u0436\u043D\u043E\u0441\u0442\u0438 \u0448\u0430\u043D\u0442\u0430\u0436\u0430."@ru . . . . . . "\u30DB\u30FC\u30EB\u30C9\u30A2\u30C3\u30D7\u554F\u984C \uFF08 -\u3082\u3093\u3060\u3044\u3001hold-up problem\uFF09 \u3068\u306F\u3001\u3044\u3063\u305F\u3093\u884C\u308F\u308C\u3066\u3057\u307E\u3046\u3068\u5143\u306B\u623B\u3059\u306E\u304C\u96E3\u3057\u304F\u3001\u3057\u304B\u3082\u4EA4\u6E09\u306E\u76F8\u624B\u306E\u5F37\u3055\u3092\u5897\u3057\u3066\u3057\u307E\u3046\u3088\u3046\u306A\u6295\u8CC7\u306B\u95A2\u3057\u3066\u767A\u751F\u3059\u308B\u554F\u984C\u3067\u3042\u308B\u3002\u4E3B\u306B\uFF08\u5185\u5BB9\u304C\u4E0D\u78BA\u5B9F\u3067\u3042\u308B\u3088\u3046\u306A\u5951\u7D04\uFF09\u306B\u304A\u3044\u3066\u767A\u751F\u3059\u308B\u3002 \u73FE\u5B9F\u306E\u53D6\u5F15\u3067\u306F\u3001\uFF08\u3042\u3089\u3086\u308B\u4E0D\u78BA\u5B9A\u306A\u8981\u7D20\u3092\u7E54\u308A\u8FBC\u3093\u3060\u5951\u7D04\uFF09\u3092\u7D50\u3076\u3053\u3068\u306F\u6975\u3081\u3066\u56F0\u96E3\u3067\u3042\u308B\u3002\u4F8B\u3048\u3070\u3001\u5951\u7D04\u306B\u66F8\u304B\u308C\u3066\u3044\u306A\u3044\u4E8B\u614B\u304C\u751F\u3058\u305F\u5834\u5408\u3001\u53D6\u5F15\u306E\u5F53\u4E8B\u8005\u306F\u6A5F\u4F1A\u4E3B\u7FA9\u7684\u306A\u884C\u52D5\uFF08\u81EA\u5206\u306B\u3068\u3063\u3066\u90FD\u5408\u306E\u3044\u3044\u3088\u3046\u306A\u884C\u52D5\uFF09\u3092\u53D6\u308D\u3046\u3068\u3059\u308B\u3002\uFF08\u305F\u3068\u3048\u5F53\u4E8B\u8005\u306B\u3068\u3063\u3066\u3053\u306E\u53D6\u5F15\u304C\u6709\u76CA\u3067\u3042\u308D\u3046\u3068\u3082\u3001\u305D\u306E\u4ED6\u306E\u53D6\u5F15\u3067\u306F\u4FA1\u5024\u304C\u7121\u304F\u306A\u308B\u3088\u3046\u306A\u6295\u8CC7\uFF09\u3092\u884C\u3063\u3066\u3044\u308B\u5834\u5408\u3001\u53D6\u5F15\u306B\u95A2\u3059\u308B\u4EA4\u6E09\u304C\u6C7A\u88C2\u3057\u3066\u95A2\u4FC2\u304C\u7D99\u7D9A\u3055\u308C\u306A\u304F\u306A\u308C\u3070\u3001\u6295\u8CC7\u306F\u5168\u304F\u7121\u610F\u5473\u306A\u3082\u306E\u3068\u306A\u3063\u3066\u3057\u307E\u3046\u3002\u305D\u306E\u305F\u3081\u3001\u6295\u8CC7\u3092\u884C\u3046\u7D4C\u6E08\u4E3B\u4F53\u306B\u306F\u3001\u305D\u306E\u3053\u3068\u306B\u4ED8\u3051\u8FBC\u307E\u308C\u4E0D\u672C\u610F\u306A\u8B72\u6B69\u3092\u5F37\u3044\u3089\u308C\u308B\u5371\u967A\u6027\u304C\u3042\u308B\u3002\u95A2\u4FC2\u7279\u6B8A\u6295\u8CC7\u304C\u306A\u3055\u308C\u3066\u3044\u308B\u305F\u3081\u306B\u3001\u6295\u8CC7\u3092\u884C\u3046\u7D4C\u6E08\u4E3B\u4F53\u306F\u6295\u8CC7\u306B\u5BFE\u3057\u3066\u81C6\u75C5\u306B\u306A\u3063\u3066\u3057\u307E\u3044\u3001\u305D\u306E\u7D50\u679C\u3001\u9069\u6B63\u306A\u6295\u8CC7\u304C\u884C\u308F\u308C\u306A\u3044\u3068\u3044\u3046\u72B6\u614B\u306B\u5411\u304B\u308F\u305B\u308B\u30A4\u30F3\u30BB\u30F3\u30C6\u30A3\u30D6\u304C\u4E8B\u524D\u306B\u4E0E\u3048\u3089\u308C\u308B\u3053\u3068\u306B\u306A\u308B\u3002\u30DB\u30FC\u30EB\u30C9\u30A2\u30C3\u30D7\u554F\u984C\u306F\u3001\u3053\u306E\u3088\u3046\u306A\u4E0D\u5B8C\u5099\u5951\u7D04\u306B\u304A\u3051\u308B\u95A2\u4FC2\u7279\u6B8A\u6295\u8CC7\u304C\u3082\u305F\u3089\u3059\u975E\u52B9\u7387\u306A\u6295\u8CC7\u306E\u554F\u984C\u3092\u6307\u3059\u3002"@ja . . . . . "Hold-up"@it . "\u041F\u0440\u043E\u0431\u043B\u0435\u043C\u0430 \u0448\u0430\u043D\u0442\u0430\u0436\u0430"@ru . . . . . "\u30DB\u30FC\u30EB\u30C9\u30A2\u30C3\u30D7\u554F\u984C"@ja . "In economics, the hold-up problem is central to the theory of incomplete contracts, and shows the difficulty in writing complete contracts. A hold-up problem arises when two factors are present: 1. \n* Parties to a future transaction must make noncontractible relationship-specific investments before the transaction takes place. 2. \n* The specific form of the optimal transaction (such as quality-level specifications, time of delivery, what quantity of units) cannot be determined with certainty beforehand."@en .