Contracts Between Art and Commerce
研究了艺术和娱乐产业中合同结构的经济逻辑，指出收入分成、预付款和长期合同如何协调激励与分配，对理解创意产业的组织方式有帮助。
Contract structures used in the arts and entertainment industries are central to understanding their economic organization. The structures spring from common bedrock traits of these industries—pervasive product differentiation, all costs sunk, consumers' valuations unpredictable, artists having tastes for how creative work is done. Joint-venture structures are commen, with revenue (not profit) shared. Advances to artists help bring incentive and distributive goals into consistency, as do long-term contracts covering successive cycles of the artist's output. Real option contracts allow the efficient allocation of decision rights in a project on which collaborators work successively.