We study the role of information exchange, leadership, and coordination in team and
partnership structures. For this purpose, we view individuals jointly engaging in productive
processes—a “team”—as endowed with individual and privately held information on the joint
production process. Once each team member decides on whether or not to share his private
information truthfully, he chooses which effort to exert in the joint production process. This
effort, however, is not contractible: only the realized output (or profit) of the team can be …

We study the role of information exchange, leadership and coordination in team or
partnership structures. For this purpose, we view individuals jointly engaging in productive
processes—a 'team'—as endowed with individual and privately held information on the joint
production process. Once individual information is shared, team members decide
individually on the effort they exert in the joint production process. This effort, however, is not
contractible; only the joint output (or profit) of the team can be observed. Our central question …