Working Paper No. 97-04:
The Economics of Partnership

Author(s):

Date Posted: 1997

Availability: Citation only

Abstract:

This paper, prepared for The New Palgrave Dictionary of Economics and the Law, discusses the partnership form of business association as a type of standard form contract. It analyzes the role of partnership statutory provisions in supplying default contract terms, the economic rationales for specific default rules on management, fiduciary duties, exit and other matters, and the relationship between partnerships and other types of business associations.