Estimating the benefits and costs of forming business partnerships
估计了一个商业合伙组建的匹配模型，量化了生产率提升、融资收益和合伙人之间努力协调失败（道德风险）的相对重要性。研究发现生产率提升占观察到的合伙收益的61%，但财富最低的四分之一合伙人的收益93%来自融资；道德风险成本占合伙总收益的42%。针对合伙企业的贷款政策在改善福利方面不如向个体企业家提供贷款的常规政策有效。
Abstract I estimate a matching model of business‐partnership formation to quantify the relative importance of productivity gains, financing gains, and the coordination failure of effort provision (moral hazard) among partners. Productivity gains account for 61% of the gain from the observed partnerships. For partners in the first quartile of the wealth distribution, however, financing accounts for 93% of the gain. The cost of moral hazard corresponds to 42% of the entire gain from partnerships. A loan policy specifically targeting partnerships is less effective in improving welfare than a conventional loan policy that provides loans to individual entrepreneurs.