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- W1558945855 abstract "We reconsider the property rights approach to the theory of the firm based on incomplete contracts. We explore the implications of different degrees of relationship-specificity when there are two parties, A and B, who can make investments in physical capital (instead of human capital). If relationship-specificity is exogenously given, it turns out that joint asset ownership can be optimal only if the degree of relationship-specificity is sufficiently small. If relationship-specificity can be freely chosen and if party A's investments are more productive, then the parties deliberately choose a strictly positive level of relationship-specificity and they always agree on sole ownership by party A." @default.
- W1558945855 created "2016-06-24" @default.
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- W1558945855 date "2013-03-01" @default.
- W1558945855 modified "2023-09-22" @default.
- W1558945855 title "Investments in Physical Capital, Relationship-Specificity, and the Property Rights Approach" @default.
- W1558945855 hasPublicationYear "2013" @default.
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