Partnerships as Insurance Devices: Theory and Evidence
提出合伙制是一种互助保险机制，合伙人通过分担人力资本风险来获得保险，但会因利润分享而降低努力水平，并用律所数据验证了合伙规模越大、个人留存利润份额越小的预测。
We model partnerships as mutual insurance associations in which individuals band together to insure themselves against idiosyncratic shocks to their human capital. As with most forms of insurance, this generates a tradeoff between efficiency and risk sharing. Since partners keep only a fraction of the profits they generate, they will supply less-than-optimal effort. We show that in equilibrium, participants in larger partnerships keep a smaller share of their own proceeds. We test and confirm this prediction using a sample of partners in law firms.