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Centralized Hierarchy within a Firm and Decentralized Hierarchy in the Market

In: Increasing Returns and Economic Analysis

Author

Listed:
  • Heling Shi
  • Xiaokai Yang

Abstract

The purpose of this chapter is twofold. First, we develop a general equilibrium model based on corner solutions to simultaneously endogenize four aspects of the division of labour: individuals’ level of specialization, the length of the roundabout production chain, the number of goods in each link of the chain and the development of the institution of the firm. Second, the equilibrium model is used to endogenize the dividing line between the hierarchical structure of division of labour within the firm and the hierarchical structure of the network of transactions in the market.

Suggested Citation

  • Heling Shi & Xiaokai Yang, 1998. "Centralized Hierarchy within a Firm and Decentralized Hierarchy in the Market," Palgrave Macmillan Books, in: Kenneth J. Arrow & Yew-Kwang Ng & Xiaokai Yang (ed.), Increasing Returns and Economic Analysis, chapter 6, pages 145-169, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26255-7_8
    DOI: 10.1007/978-1-349-26255-7_8
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