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Sonderforschungsbereich 649: Ökonomisches Risiko, Humboldt-Universität Berlin >
SFB 649 Discussion Papers, HU Berlin >
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http://hdl.handle.net/10419/25129
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| Title: | | The division of ownership in new ventures  |
| Authors: | | Demougin, Dominique M. Fabel, Oliver |
| Issue Date: | | 2006 |
| Series/Report no.: | | SFB 649 discussion paper 2006,047 |
| Abstract: | | The current study investigates a tripartite incentive contract between an innovator supplying an intellectual asset, a professional assigned to productive tasks, and a consulting firm specializing in matching ideas and professional skills. A rather simple pure tripartite partnership implements the consultant's expected profit maximum and maximizes the project's expected surplus. The liquidity-constrained professional is compensated by receiving a share of one half in the new venture. The consultant's and the innovator's shares reflect the relative value of search. However, the consultant's optimal search effort to find an appropriate production partner is inefficiently low. |
| Subjects: | | new ventures tripartite incentive contract consulting contract partnerships |
| JEL: | | M13 M21 |
| Document Type: | | Working Paper |
| Appears in Collections: | | SFB 649 Discussion Papers, HU Berlin
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