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A Theory of Firm Formation and Skills Acquisition

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Author Info
Bryan Ellickson (University of California)
Birgit Grodal (University of Copenhagen)
Suzanne Scotchmer (University of California)
William Zame (University of California)

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Abstract

We present a theory of production that begins with an exogenously specified set of technologies, accessible to each potential firm. The technologies used in equilibrium are endogenous. Labor skills are differentiated, and the labor skills are acquired endogenously by workers, possibly by bearing private costs, and possibly by attending school. A technology can be used by a group of agents having the appropriate skills. We allow that workers care about the production plans in their firms, and will accept lower compensation to satisfy their preferences on production plans. In a continuum model, we show what price systems are required so that competitive equilibrium exists and core outcomes are equivalent to competitive outcomes.

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File URL: http://fmwww.bc.edu/RePEc/es2000/0359.pdf
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Publisher Info
Paper provided by Econometric Society in its series Econometric Society World Congress 2000 Contributed Papers with number 0359.

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Date of creation: 01 Aug 2000
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Handle: RePEc:ecm:wc2000:0359

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  1. Bryan Ellickson & Birgit Grodal & Suzanne Scotchmer & William R. Zame, 1999. "Clubs and the Market," Econometrica, Econometric Society, vol. 67(5), pages 1185-1218, September.
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  2. Roland Benabou, 1991. "Workings of a City: Location, Education, and Production," NBER Technical Working Papers 0113, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Bryan Ellickson & Birgit Grodal & Suzanne Scotchmer & William R. Zame, 1999. "Clubs and the Market: Large Finite Economies," Discussion Papers 99-05, University of Copenhagen. Department of Economics. [Downloadable!]
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This page was last updated on 2008-7-16.

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