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| Abstract |
In this paper we show that using the hours-based measure can give quite different results for returns to scale than were found by Radner. We find constant returns to scale over a wide range of delay costs, whereas Radner found increasing returns to scale: In other words, costs rise proportionally with the size of the firm's information problem. Constant returns to scale implies that distortions in firm size will not arise from the need for hierarchical organization per se, but rather from organizational issues from the theory of the firm, such as incentives and abilities.
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| Publisher Info |
Volume (Year): 6 (2001)
Issue (Month): 1 ()
Pages: 113-124
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Note: Received: 20 May 1999 / Accepted: 12 May 2000
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| Related research |
Find related papers by JEL classification:
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
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