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Documents de travail (2001), ESSEC Business School

The Dynamics of Optimal Cooperation

In this paper, we consider the problem of optimal cooperation in a centralized dynamic framework. The proposed model interrelates the dynamics of a joint production activity and the dynamics of a common monitoring activity involving two partners delegating authority to an independent entity intended to solicit their optimal contributions. The specification of an objective function for the independent entity leads to the search for the dynamic optimal contribution policy that should be followed by each partner under a nonzero tolerance level of opportunism. Using the maximum principle, the determination of the existence of a cooperative stationary equilibrium provides a set of predictions on the long run issue of the partnership from particular initial conditions.

EL OUARDIGHI, F. and GANNON, F. (2001). The Dynamics of Optimal Cooperation. ESSEC Business School.