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- W1579118671 abstract "The common property problem, first analyzed in the context of overfishing (Gordon, 1954), is ubiquitous: independent tax authorities will overtax the same base (Berkowitz and Li, 2000), and independent researchers will exert excessive effort to make the same breakthrough (Wright, 1983). We propose a “Partnership Solution” to this common property problem. Each of n players maximizes his payoff by joining a partnership in the first stage and by choosing his effort at the second stage. Under the rules of a partnership, each member must pay his own cost of effort but receives an equal share of the partnership’s revenue. The incentive to free ride created by such partnerships can be beneficial since it naturally offsets the incentive to exert excessive effort inherent in common property problems. In our two-stage game, this institutional arrangement can, under specified circumstances, induce socially optimal effort in a subgame-perfect equilibrium: no one has a unilateral incentive (1) to switch partnerships (or create a new partnership) in the first stage or (2) to deviate from socially optimal effort in the second stage. Not all consequences of partnerships are so benign. Cartel members can use partnerships to solve their “problem” of excessive output so as to achieve monopoly profits; infinitely-repeated interactions are unnecessary. Service professionals frequently organize themselves into such partnerships as do plywood producers and crews on fishing vessels. In Japan, crews of different fishing vessels sometimes form partnerships to share their revenues (Platteau and Seki, 2000), reportedly for the reasons we analyze. ∗Heintzelman and Salant are at the University of Michigan, Department of Economics, in Ann Arbor, Michigan. Schott is at Carlton University, School of Public Policy and Administration, in Ottawa, Ontario, Canada. We thank (without implicating) Emre Ozdenoren and participants in numerous seminars including the Montreal Workshop in Resource and Environmental Economics." @default.
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- W1579118671 date "2005-05-14" @default.
- W1579118671 modified "2023-09-22" @default.
- W1579118671 title "Partnerships: A Potential Solution to the Common-Property Problem but a Problem for a Antitrust Authorities" @default.
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