Investment, Systemic Efficiency and Distribution
研究了低效经济系统为何能稳定存在，以及向高效系统转型可能失败的原因，涉及系统特定资产投资、变革成本和不对称性。
Inefficient economic systems can be stable and their transformation towards efficiency may fail because of investment in system-specific assets, costliness of systemic change, and existence of various asymmetries. As a consequence, individual choices are based on subjective models derived from system-specific capital and investment that are nonconvergent and originate consequent actions. These factors may impede the development of a new efficient system because rational actors prefer to invest directly in the distribution of property rights over existing assets. This diminishes the possibility to capture potential social gains from systemic change and reproduces systemic inefficiency. Copyright 1996 by WWZ and Helbing & Lichtenhahn Verlag AG