A Theory of Joint Asset Ownership
扩展了标准产权理论，分析当投资类型（专用性与通用性）可内生选择时，联合所有权的最优性条件，发现当两类投资为替代关系时联合所有权最优。
I offer a theory of joint ownership by extending the standard property right theory of the firm to situations where parties can endogenously choose the degree of specificity of their investments (i.e., both the type of investment - specific and general - and the level of each). When specific and general investments are complements, the standard GHM results are obtained and joint ownership is suboptimal. When specific and general investments are substitutes, joint ownership is optimal as long as trade takes place within the relationship. Joint ownership provides stronger incentives to make specific investments than any other forms of ownership by discouraging general investments.