Chapter 2 The theory of the firm.pdf

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1、Chapter2THETHEORYOFTHEFIRMBENGTR.HOLMSTROMYaleUniversityJEANTIROLE*MassachusettsInstituteofTechnologyContents1.Introduction632.Thefimitsofintegration652.1.Incompletecontracts662.2.Informationflowsandincompletecontracts742.3.Reputation762.4.Concludingremark783.Capitalstructure783.1.Theincentivea

2、rgument793.2.Thesignallingargument823.3.Thecontrolargument853.4.Concludingremark864.Theseparationofownershipandcontrol864.1.Internaldiscipline874.2.Labormarketdiscipline944.3.Productmarketdiscipline954.4.Capitalmarketdiscipline974.5.Implicationsforfirmbehavior1014.6.Thehazardsofablack-boxviewof

3、thefirm1044.7.Concludingremark1055.Internalhierarchies1065.1.Hierarchiesasinformationsystems1075.2.Supervisioninhierarchies110*SupportfromNSFandtheSloanFoundationisgratefullyacknowledged.WewouldliketothankJeffBorland,JoelDemski,BobGibbons,OliverHart,PaulMilgrom,JohnMooreandRichardSchmalenseefor

4、veryhelpfulcommentsonanearlierdraft.HandbookofIndustrialOrganization,VolumeI,EditedbyR.SchmalenseeandR.D.Willig©ElsevierSeiencePublishersB.V.,198962B.R.HolmstromandJ.Tirole5.3.Hierarchiesasincentivestructures1145.4.Hierarchiesasinternallabormarkets1175.5.Thehierarchyasanexusofcontracts1205.6.Th

5、ehierarchyasanauthoritystructure1235.7.Organizationalforms1256.Conclusion126References127Ch.2:TheTheoryoftheFirm631.IntroductionThetheoryofthefirmhaslongposedaproblemforeconomists.Whilesubstan-tialprogresshasbeenmadeonthedescriptionandanalysisofmarketper-formance,firmbehaviorandorganizationhave

6、remainedpoorlyunderstood,Typically,thefirmhasbeentreatedinnomoredetailthantheconsumer;indeed,thestandardtextbookanalysisofproductioncorrespondscloselytotheanalysisofconsumption.Inthelightofscaledifferences,equaltreatmentisplainlypeculiar.Thevolumeoftradewithinfirmsisprobablyofthesameorderasmark

7、ettrade.Largefirmsaresubstantialsubeconomiesoftheirownwiththousandsofparticipants.Thisalonewarrantsmoreattentiontonon-marketmodesoftransaction.Thenatureofdecision-makingwithinfirmsisofadifferentkindthanindivid-ualchoiceinmarkets.F