VALUE OF THE STATUS QUO AND EFFICIENT PARTNERSHIP DISSOLUTION
研究了资产价值取决于所有权结构时，多维独立私人价值环境下合伙的高效解散问题，发现现状可能成为高效结果，且多数合伙无法解散，与现有文献结论相反。
Abstract Allowing the value of an asset to depend on the ownership structure, we study ex post efficient (EPEF) dissolution of a partnership in a multidimensional independent private value (IPV) environment. The status‐quo may now be an EPEF outcome. Under mild support restrictions, we show that no partnership can be dissolved. Moreover, when the restrictions fail, one can dissolve a highly skewed partnership but not the equal partnership. These results are in stark contrast to the literature that follows Cramton et al. ( Econometrica 55 (1987), 615–32) where an even allocation of initial property rights ensures efficient dissolution.