For Better or Forever: Formal versus Informal Enforcement
比较了通过关系契约与通过正式法律制度来支持合伙关系。在大量双边关系中，效率需要合作，但欺骗能带来更高短期收益。法律系统能促成有效契约，而关系契约往往使合伙关系持续过久。
This article contrasts supporting partnerships through relational contracting and supporting partnerships through formal legal institutions. A large population of players interact in bilateral relationships. Efficiency requires cooperation, but cheating yields a higher short-term payoff. There is a positive probability that the maximum feasible payoff available to a partnership decreases. Opportunistic behavior makes it impossible to realize the efficient outcome. A legal system can lead to efficient contracting. Without such a system, productive relationships arise in equilibrium if it is costly to initiate new relationships. This type of relational contracting tends to make partnerships last longer than is efficient.