{"id":"https://openalex.org/W1512907151","doi":"https://doi.org/10.3386/w3373","title":"Moral Hazard in Partnerships","display_name":"Moral Hazard in Partnerships","publication_year":1990,"publication_date":"1990-06-01","ids":{"openalex":"https://openalex.org/W1512907151","doi":"https://doi.org/10.3386/w3373","mag":"1512907151"},"language":"en","primary_location":{"id":"doi:10.3386/w3373","doi":"https://doi.org/10.3386/w3373","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w3373","pdf_url":"https://doi.org/10.3386/w3373","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w3373","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5072869029","display_name":"Martin Gaynor","orcid":"https://orcid.org/0000-0002-9291-2677","observed_orcids":["https://orcid.org/0000-0002-9291-2677"]},"institutions":[{"id":"https://openalex.org/I1309849503","display_name":"RAND Corporation","ror":"https://ror.org/00f2z7n96","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1309849503"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I145311948","display_name":"Johns Hopkins University","ror":"https://ror.org/00za53h95","country_code":"US","type":"education","lineage":["https://openalex.org/I145311948"]},{"id":"https://openalex.org/I74973139","display_name":"Carnegie Mellon University","ror":"https://ror.org/05x2bcf33","country_code":"US","type":"education","lineage":["https://openalex.org/I74973139"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Martin Gaynor","raw_affiliation_strings":["Department of Economics Santa Monica , CA 90406 Johns Hopkins University 624 North Broadway , 6th Floor Baltimore , MD 21205","Department of Health Policy The RAND Corporation and Management 1700 Main Street","National Bureau of Economic Research (NBER)","Carnegie Mellon University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics Santa Monica , CA 90406 Johns Hopkins University 624 North Broadway , 6th Floor Baltimore , MD 21205","institution_ids":["https://openalex.org/I145311948"]},{"raw_affiliation_string":"Department of Health Policy The RAND Corporation and Management 1700 Main Street","institution_ids":["https://openalex.org/I1309849503"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"Carnegie Mellon University","institution_ids":["https://openalex.org/I74973139"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5016757546","display_name":"Paul Gertler","orcid":"https://orcid.org/0000-0003-0280-7513","observed_orcids":["https://orcid.org/0000-0003-0280-7513"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I95457486","display_name":"University of California, Berkeley","ror":"https://ror.org/01an7q238","country_code":"US","type":"education","lineage":["https://openalex.org/I95457486"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Paul Gertler","raw_affiliation_strings":["1050 Massachusetts Avenue Cambridge , MA 02138","National Bureau of Economic Research (NBER)","University of California, Berkeley - Haas School of Business"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"1050 Massachusetts Avenue Cambridge , MA 02138","institution_ids":[]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"University of California, Berkeley - Haas School of Business","institution_ids":["https://openalex.org/I95457486"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":5,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":10,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10646","display_name":"Experimental Behavioral Economics Studies","score":0.4966000020503998,"subfield":{"id":"https://openalex.org/subfields/3311","display_name":"Safety Research"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10646","display_name":"Experimental Behavioral Economics Studies","score":0.4966000020503998,"subfield":{"id":"https://openalex.org/subfields/3311","display_name":"Safety Research"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10991","display_name":"Game Theory and Voting Systems","score":0.09049999713897705,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10797","display_name":"Accounting and Organizational Management","score":0.07980000227689743,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/moral-hazard","display_name":"moral hazard","score":0.9980000257492065},{"id":"https://openalex.org/keywords/partnership","display_name":"partnership","score":0.8600000143051147},{"id":"https://openalex.org/keywords/risk-sharing","display_name":"risk sharing","score":0.4950000047683716},{"id":"https://openalex.org/keywords/risk-aversion","display_name":"risk aversion","score":0.7670000195503235},{"id":"https://openalex.org/keywords/incentive-contracts","display_name":"incentive contracts","score":0.7289999723434448},{"id":"https://openalex.org/keywords/group-medical-practice","display_name":"medical group practice","score":0.6940000057220459},{"id":"https://openalex.org/keywords/physician-payment","display_name":"physician remuneration","score":0.7870000004768372},{"id":"https://openalex.org/keywords/group-size","display_name":"group size","score":0.859000027179718},{"id":"https://openalex.org/keywords/shirking","display_name":"shirking","score":0.7940000295639038},{"id":"https://openalex.org/keywords/physician-productivity","display_name":"physician productivity","score":0.7409999966621399},{"id":"https://openalex.org/keywords/risk-premium","display_name":"risk premium","score":0.4860000014305115},{"id":"https://openalex.org/keywords/professional-partnerships","display_name":"professional partnerships","score":0.4860000014305115}],"concepts":[{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.832346498966217},{"id":"https://openalex.org/C129915516","wikidata":"https://www.wikidata.org/wiki/Q17083550","display_name":"Risk aversion (psychology)","level":3,"score":0.7498452067375183},{"id":"https://openalex.org/C2780202544","wikidata":"https://www.wikidata.org/wiki/Q44454","display_name":"Moral hazard","level":3,"score":0.6502712368965149},{"id":"https://openalex.org/C2780023022","wikidata":"https://www.wikidata.org/wiki/Q1338171","display_name":"Compensation (psychology)","level":2,"score":0.5803083777427673},{"id":"https://openalex.org/C182306322","wikidata":"https://www.wikidata.org/wiki/Q1779371","display_name":"Order (exchange)","level":2,"score":0.5691107511520386},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.532862663269043},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.5253925919532776},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5234391689300537},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.395733118057251},{"id":"https://openalex.org/C205706631","wikidata":"https://www.wikidata.org/wiki/Q2319304","display_name":"Expected utility hypothesis","level":2,"score":0.25376006960868835},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.1729649007320404},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.16215252876281738},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.12102094292640686},{"id":"https://openalex.org/C77805123","wikidata":"https://www.wikidata.org/wiki/Q161272","display_name":"Social psychology","level":1,"score":0.09984353184700012}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.3386/w3373","doi":"https://doi.org/10.3386/w3373","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w3373","pdf_url":"https://doi.org/10.3386/w3373","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},{"id":"pmh:oai:RePEc:nbr:nberwo:3373","doi":null,"is_oa":false,"landing_page_url":"http://www.nber.org/papers/w3373.pdf","pdf_url":"http://www.nber.org/papers/w3373.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.980.4729","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.980.4729","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.nber.org/papers/w3373.pdf","raw_type":"text"},{"id":"mag:3147764470","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/paper/nbrnberwo/3373.htm","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null}],"best_oa_location":{"id":"doi:10.3386/w3373","doi":"https://doi.org/10.3386/w3373","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w3373","pdf_url":"https://doi.org/10.3386/w3373","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/17","score":0.47999998927116394,"display_name":"Partnerships for the goals"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W1512907151.pdf","grobid_xml":"https://content.openalex.org/works/W1512907151.grobid-xml"},"referenced_works_count":20,"referenced_works":["https://openalex.org/W48806211","https://openalex.org/W110592943","https://openalex.org/W1479909735","https://openalex.org/W1487342665","https://openalex.org/W1605757484","https://openalex.org/W1963902185","https://openalex.org/W1993057176","https://openalex.org/W1999738416","https://openalex.org/W2007101833","https://openalex.org/W2036320532","https://openalex.org/W2074555403","https://openalex.org/W2076444531","https://openalex.org/W2081954355","https://openalex.org/W2088636807","https://openalex.org/W2106580408","https://openalex.org/W2111377054","https://openalex.org/W2328831595","https://openalex.org/W2408852125","https://openalex.org/W3124994146","https://openalex.org/W7074164002"],"related_works":["https://openalex.org/W2061881214","https://openalex.org/W177273986","https://openalex.org/W3124849869","https://openalex.org/W7100578737","https://openalex.org/W2083730010","https://openalex.org/W2066790117","https://openalex.org/W7098052478","https://openalex.org/W2093485808","https://openalex.org/W2227317815","https://openalex.org/W1860543692"],"abstract_inverted_index":{"In":[0,73,199],"this":[1,48],"paper,":[2],"we":[3],"ijuvestigate":[4],"incentive":[5,227],"structures":[6],"within":[7],"partnerships.Partnerships":[8],"provide":[9],"a":[10,55,60,70,163],"classic":[11],"example":[12],"of":[13,54,63,105,127,201,243,265,267,295],"the":[14,52,85,99,103,114,125,132,149,155,160,172,214,299,304,310],"tradeoff":[15],"between":[16],"risk":[17,29,36,128,130,167,169,189,197,219,230,239,288,301,306],"spreading":[18],"and":[19,30,82,95,102,148,211,245],"moral":[20],"hazard.The":[21],"degree":[22],"to":[23,27,46,51,80,92,96,113,145,174,181,205,233,246,252,303],"which":[24,39,74,84,120,139,216,236],"firms":[25,185],"choose":[26,76,88],"spread":[28,97,146,182,237],"sacrifice":[31,175],"efficiency":[32,141,177],"incentives":[33,81,94,142,178],"depends":[34],"upon":[35],"preferences,":[37],"for":[38,159,291],"data":[40,57],"are":[41,44,107,187,209],"typically":[42],"unavailable.We":[43],"able":[45],"overcome":[47],"difficulty":[49],"due":[50,204],"existence":[53],"unique":[56],"set":[58],"on":[59],"prominent":[61],"form":[62],"professional":[64],"partnership;":[65],"medical":[66],"group":[67,118,248,279],"practice.We":[68],"consider":[69],"two-stage":[71],"model":[72],"agents":[75],"effort":[77],"in":[78,83,124,143,166,179,250,278,309],"response":[79],"firm":[86,173],"can":[87],"two":[89,108],"different":[90],"Instruments":[91],"affect":[93],"risk:":[98],"compensation":[100,115,134,234,259],"method":[101,116,135],"number":[104],"members.There":[106],"new":[109],"theoretical":[110],"results.First,":[111],"relative":[112],"or":[117,129,168,191],"size":[119,152,158,249,280],"would":[121],"be":[122,137],"chosen":[123],"absence":[126],"aversion,":[131],"best":[133,150,157],"will":[136,153],"one":[138],"sacrifices":[140],"order":[144,180,251],"risk,":[147],"membership":[151],"exceed":[154],"first":[156],"same":[161],"reasons.Second,":[162],"further":[164],"increase":[165,282],"aversion":[170,220,231,289],"leads":[171,232],"more":[176,183,188,238],"risk.Hence,":[184],"who":[186],"averse":[190,302,307],"face":[192],"greater":[193,222,241,263],"uncertainty":[194],"pay":[195],"larger":[196],"premiums":[198],"terms":[200],"sacrificed":[202],"output":[203,244,268],"shirking.The":[206],"empirical":[207],"results":[208],"striking":[210],"consistent":[212],"with":[213,287],"theory.Firms":[215],"report":[217],"m\u00f8re":[218],"have":[221,262],"departures":[223],"from":[224],"first-best":[225],"organizational":[226],"structures.Specifically,":[228],"increased":[229],"arrangements":[235,260],"through":[240],"sharing":[242,266],"decreased":[247],"counteract":[253],"diminished":[254],"incentives.We":[255],"also":[256],"find":[257],"that":[258,261],"degrees":[264],"across":[269],"physicians":[270,308],"significantly":[271,281],"reduce":[272],"each":[273],"physician's":[274],"productivity,":[275],"whereas":[276],"reductions":[277],"productivity.The":[283],"estimated":[284],"premium":[285],"associated":[286],"accounts":[290],"almost":[292],"eleven":[293],"percent":[294],"gross":[296],"income,":[297],"comparing":[298],"most":[300],"least":[305],"sample.":[311]},"counts_by_year":[{"year":2015,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}
