Incomplete Contracts and the Product Cycle
建立模型，说明国际交易中的合同不完全性限制了生产环节的跨国分割，产品最初在研发国制造，标准化后才将制造环节转移到低工资外国，且先在企业内部转移，再转向独立外国企业。
I present a model in which the incomplete nature of contracts governing international transactions limits the extent to which the production process can be fragmented across borders. Because of contractual frictions, goods are initially manufactured in the same country where product development takes place. Only when the good becomes sufficiently standardized is the manufacturing stage of production shifted to a low-wage foreign location. Solving for the optimal organizational structure, I develop a new version of the product cycle hypothesis in which manufacturing is shifted abroad first within firm boundaries, and only at a later stage to independent foreign firms.