Economics at your fingertips  

Efficiency in partnerships

Patrick Legros and Hitoshi Matsushima

ULB Institutional Repository from ULB -- Universite Libre de Bruxelles

Abstract: We provide the necessary and sufficient condition for a partnership to be able to sustain efficiency when the output is stochastic. When limited liability is imposed, we show that only the level of the average liability of the partnership is important; the individual levels of liability are irrelevant. However, the allocation of the total liability among the partners is crucial when additional conditions such as neutrality or individual rationality are imposed.

Date: 1991
References: Add references at CitEc
Citations: View citations in EconPapers (51) Track citations by RSS feed

Published in: Journal of Economic Theory (1991) v.55 n° 2,p.296-322

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: Efficiency in partnerships (1991) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This working paper can be ordered from ...

Access Statistics for this paper

More papers in ULB Institutional Repository from ULB -- Universite Libre de Bruxelles Contact information at EDIRC.
Bibliographic data for series maintained by Benoit Pauwels ().

Page updated 2021-03-04
Handle: RePEc:ulb:ulbeco:2013/7044