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简介：
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Individualism and collectivism are treated as bargaining norms in a new-classical growth model where capital can be more efficiently formed by bilateral cooperation than by autarky. For bilateral cooperation, when there is no holdup problem, collectivism dominates individualism. But when there is a holdup problem, i.e., each side has to place some input before cooperation starts, individualism dominates collectivism. The degree of dominance in each case may depend on the relationship of cooperation being substitutional or complementary. |
