We do not inquire into why all the
jointly used resources are not owned by
one person, but instead into the types of
organization, contracts, and informational
and payment procedures used among
owners of teamed inputs. With respect to
the one-owner case, perhaps it is sufficient
merely to note that (a) slavery is prohibited,
(b) one might assume risk aversion
as a reason for one person's not borrowing
enough to purchase all the assets
or sources of services rather than renting
them, and (c) the purchase-resale spread
may be so large that costs of short-term
ownership exceed rental costs. Our problem
is viewed basically as one of organization
among different people, not of the
physical goods or services, however much
there must be selection and choice of combination
of the latter.