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We consider the problem of distributing the proceeds generated from a joint venture in which the participating agents are hierarchically organized. We characterize a family of allocation rules ranging from the so-called zero-transfer rule (which awards agents in the hierarchy their individually generated revenues) and the full-transfer rule (which awards all the proceeds to the agent at the top of the hierarchy). The intermediate rule of the family imposes a sequence of transfers along thedoi:10.2139/ssrn.2567633 fatcat:nfqnfhegarerxo6q73wg7lvzpy