NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Noncontractible Investments and Reference Points

Oliver D. Hart

NBER Working Paper No. 16929
Issued in April 2011

---- Acknowledgements -----

I would like to thank Philippe Aghion for stimulating conversations that led me to write this paper. I am also grateful to Maija Halonen, Richard Holden, John Moore, and Philipp Weinschenk for helpful comments, and to Cathy Barrera for research assistance. Financial support from the U.S. National Science Foundation through the National Bureau of Economic Research is gratefully acknowledged. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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