This study analyzes the hold-up problem with an methodology of experimental economics, when cooperative common agency is introduced to resolve the problems of asymmetric trade relations. As a result, we observed that under-investment is intensified due to hold-up problem and the efficiency is lowered under the cooperative common agency. In addition, in the case of lower investment efficiency, these problems are more severe, respectively. These results imply that, in the implementation of the revised Fair Transactions in Subcontracting Act, sufficient institutional complement is required to mitigate hold-up problem due to renegotiation with the cooperative common agency.