Optimal structure and dissolution of partnerships

• 成果类型: Article
• 署名作者: Loertscher, Simon; Wasser, Cedric
• 署名单位: University of Melbourne; University of Bonn
• 刊物名称: THEORETICAL ECONOMICS
• ISSN/ISSBN: 1933-6837
• DOI: 10.3982/TE2608
• 发表日期: 2019-07-01
• 页码: 1063-1114
• 关键词: Partnership dissolution; mechanism design; property rights; interdependent values; asymmetric type distributions

摘要

For a partnership model with general type distributions and interdependent values, we derive the optimal dissolution mechanisms that, for arbitrary initial ownership, maximize any convex combination of revenue and social surplus. The solution involves ironing around typically interior worst-off types, which are endogenously determined. The optimal ownership structures are such that, with identical distributions, equal shares are always optimal. With nonidentical distributions, the optimal shares are typically asymmetric, the identity of the agents with large shares may change with the importance of revenue generation, and even fully concentrated initial ownership and assigning zero shares to the strongest agents can be optimal.