The cost of appropriation and firm boundaries
在产权理论模型中引入侵占成本（即要求寻租导向的合同重新谈判的成本），发现企业内部显著节省侵占成本会导致非一体化结构（包括共同所有权）成为最优。
This study introduces an appropriation cost (i.e., cost of requesting rent-seeking-oriented contract renegotiation) in the property-rights theory (PRT) model. We show that significant appropriation-cost economization within a firm leads to the optimality of non-integrated structures, including joint ownership.