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On the expansion of the market and the decline of the family

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Author Info
Joel Guttman ()
Nira Yacouel ()
Abstract

Over the past two hundred years, large, modern firms have tended to replace small, family businesses. In parallel, the family has declined as a social institution. We suggest that these developments are interrelated. Because information of cheating in market transactions spreads only gradually in large markets, the reputation of the family firm could support contractual performance only in small, traditional markets. As markets grew in size, this reputational mechanism could no longer operate. The small, family firm was then replaced by the large, modern firm. This transition led to a decrease in the importance of the family. Copyright Springer Science+Business Media, LLC 2007

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File URL: http://hdl.handle.net/10.1007/s11150-007-9003-4
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Publisher Info
Article provided by Springer in its journal Review of Economics of the Household.

Volume (Year): 5 (2007)
Issue (Month): 1 (March)
Pages: 1-13
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Handle: RePEc:kap:reveho:v:5:y:2007:i:1:p:1-13

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Web page: http://www.springerlink.com/link.asp?id=109451

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Related research
Keywords: Reputation; Family; Theory of the firm; J12; L14; L25;

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  1. Becker, Gary S, 1993. "Nobel Lecture: The Economic Way of Looking at Behavior," Journal of Political Economy, University of Chicago Press, vol. 101(3), pages 385-409, June. [Downloadable!] (restricted)
  2. Katz, Eliakim & Rosenberg, Jacob, 2005. "An economic interpretation of institutional volunteering," European Journal of Political Economy, Elsevier, vol. 21(2), pages 429-443, June. [Downloadable!] (restricted)
  3. Bisin, Alberto & Verdier, Thierry, 1998. "On the cultural transmission of preferences for social status," Journal of Public Economics, Elsevier, vol. 70(1), pages 75-97, October. [Downloadable!] (restricted)
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  4. Bernstein, Lisa, 1992. "Opting Out of the Legal System: Extralegal Contractual Relations in the Diamond Industry," Journal of Legal Studies, University of Chicago Press, vol. 21(1), pages 115-57, January.
  5. Joel M. Guttman, 2003. "Repeated interaction and the evolution of preferences for reciprocity," Economic Journal, Royal Economic Society, vol. 113(489), pages 631-656, 07. [Downloadable!] (restricted)
  6. Guttman, Joel M., 2001. "Self-enforcing reciprocity norms and intergenerational transfers: theory and evidence," Journal of Public Economics, Elsevier, vol. 81(1), pages 117-151, July. [Downloadable!] (restricted)
  7. Smith, James P & Ward, Michael P, 1985. "Time-Series Growth in the Female Labor Force," Journal of Labor Economics, University of Chicago Press, vol. 3(1), pages S59-90, January. [Downloadable!] (restricted)
  8. Akerlof, George A, 1983. "Loyalty Filters," American Economic Review, American Economic Association, vol. 73(1), pages 54-63, March.
  9. Caplan, Bryan, 2003. "Stigler-Becker versus Myers-Briggs: why preference-based explanations are scientifically meaningful and empirically important," Journal of Economic Behavior & Organization, Elsevier, vol. 50(4), pages 391-405, April. [Downloadable!] (restricted)
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