On Nonexclusive Membership in Competing Joint Ventures
评估了“双重性”（如银行同时加入Visa和MasterCard等竞争性协会）的竞争与治理效应，分析了非营利协会的效率以及排他性成员资格和转为营利系统的影响。
We evaluate the competitive and governance effects of "duality."Duality refers to the joint membership (e.g., by banks) in competing associations or joint ventures (e.g., Visa and MasterCard).We first show that the not-for-profit nature of the associations along with the usage-based fees they charge yield productive efficiency.We then analyze the impact of (i) membership exclusivity, when the associations remain not-for-profit, and (ii) the conversion into for-profit systems.We illustrate the results in the case of a doubledifferentiation model that is of independent interest.Finally, we discuss extensions to (i) endogenous system differentiation, and (ii) agency considerations