VALUE OF THE STATUS QUO AND EFFICIENT PARTNERSHIP DISSOLUTION

• 成果类型: Article
• 署名作者: Agastya, Murali; Birulin, Oleksii
• 署名单位: University of Sydney
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12328
• 发表日期: 2018
• 页码: 2023-2042
• 关键词: mechanisms; PARTICIPATION; INFORMATION; takeovers

摘要

Allowing the value of an asset to depend on the ownership structure, we study ex post efficient (EPEF) dissolution of a partnership in a multidimensional independent private value (IPV) environment. The status-quo may now be an EPEF outcome. Under mild support restrictions, we show that no partnership can be dissolved. Moreover, when the restrictions fail, one can dissolve a highly skewed partnership but not the equal partnership. These results are in stark contrast to the literature that follows Cramton et al. (Econometrica 55 (1987), 615-32) where an even allocation of initial property rights ensures efficient dissolution.