Theory of the firm and structure of residual rights
AbstractThe following sections are included:IntroductionA Model with Intermediate GoodsConfiguration and Corner Solution versus Market Structure and Corner EquilibriumStructure of Residual Rights, Economies of Specialization, Economies of Division of Labor, and Economies of the FirmImplications and ConclusionsAppendix: Proof of Proposition 1References
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- Grossman, Sanford J. & Hart, Oliver D., 1986.
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3450060, Harvard University Department of Economics.
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"Property Rights and the Nature of the Firm,"
3448675, Harvard University Department of Economics.
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- Alchian, Armen A & Demsetz, Harold, 1972.
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"A Microeconomic Mechanism for Economic Growth,"
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- Klein, Benjamin & Crawford, Robert G & Alchian, Armen A, 1978. "Vertical Integration, Appropriable Rents, and the Competitive Contracting Process," Journal of Law and Economics, University of Chicago Press, vol. 21(2), pages 297-326, October.
- Frank H. Knight, 1925. "On Decreasing Cost and Comparative Cost: A Rejoinder," The Quarterly Journal of Economics, Oxford University Press, vol. 39(2), pages 331-333.
- Lewis, Tracy R & Sappington, David E M, 1991. "Technological Change and the Boundaries of the Firm," American Economic Review, American Economic Association, vol. 81(4), pages 887-900, September.
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