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Given potential abuse, conflicts of interest, and other issues, why do companies routinely pay for their managers to entertain the managers of other firms and allow their own managers to be so entertained? An answer that such practices facilitate inter-firm cooperation is incomplete because it fails to address why companies can't or don't induce such cooperation directly via their own incentive systems. This paper addresses these issues. It shows, inter alia, that even when firms can inducedoi:10.2139/ssrn.2477221 fatcat:ddeqvadnifa3pdejn6l4iwzwhy