We compare two pricing strategies -- buffet pricing and usage pricing -- of excludable public goods for social welfare maximization. Buffet pricing is better than usage pricing for low consumer heterogeneity, while the opposite holds for high consumer heterogeneity.

This paper presents a model of the joint venture that is grounded in the stylized facts we found from a sample of 200 joint venture contracts. The model incorporates the revenue-sharing contract into the incomplete contract frameworks of Grossman-Hart-Moore Property Rights Theory and the...

During transition, maintaining employment and providing a social safety net for the unemployed are important to social stability, which in turn is crucial for the productivity of the whole economy. Because independent institutions for social safety are lacking and firms with strong profit...

Fiscal decentralization introduced as part of China's economic reform since 1979 has unleashed strong incentives for China's local governments to pursue economic development, but the same incentives have also led to local protectionist policies inhibiting the process of regional specialization....

We present a model of team production motivated by the stylized facts we found from a sample of 200 joint-venture contracts. The model incorporates the revenue-sharing contract into the property rights and the transaction cost theories of the firm, and it emphasizes the impact of expropriation....

During transition, maintaining employment and providing a social safety net to the unemployed are important to social stability, which in turn is crucial for the productivity of the whole economy. Because independent institutions for social safety are lacking and firms with strong profit...

Using a comprehensive panel data set of China’s state-owned enterprises, we investigate the impacts of privatization, of different time sequences and extent of non-state ownership, on social welfare and firm performance. Attention has been focused on the sources of gain in firm performance and...