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Takanori Adachi
''Ownership Structure as a Continuous Variable: A Note on Joint Ownership in the Grossman-Hart-Moore Theory of the Firm''
( 2010, Vol. 30 No.3 )
This study considers the choice of ownership as a continuous variable, thereby adapting the Grossman-Hart-Moore (GHM) theory of the firm. To do so, it is assumed that parties sign a contract that enables them to divide and use assets even after the negotiation over gains of trade fails. I show sufficient conditions for non-integration to dominate joint ownership, which is not taken into account in the original GHM model.
Keywords: Theory of the firm, Joint ownership
JEL: D2 - Production and Organizations: General
L1 - Market Structure, Firm Strategy, and Market Performance: General
Manuscript Received : Jun 16 2010 Manuscript Accepted : Aug 12 2010

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