Power in a Theory of the Firm
提出企业通过控制关键资源的使用权（而非所有权）来激励员工进行特定投资，这种机制比所有权更有效，能解释内部组织和第三方所有权的重要性。
Transactions take place in the rm rather than in the market because the rm o ers agents who make speci c investments power. Past literature emphasizes the allocation of ownership as the primary mechanism by which the rm does this. Within the contractibility assumptions of this literature, we identify a potentially superior mechanism, the regulation of access to critical resources. Access can be better than ownership because: i) the power agents get from access is more contingent on them making the right investment; ii) ownership has adverse e ects on the incentive to specialize. The theory explains the importance of internal organization and third party ownership. A preliminary version of this paper circulated with the title \\Implicit Property Rights in a Theory of the