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Fallibility In Human Organizations And Political Systems

  • SAH, R.K.

This paper presents a perspective on some organizational consequences of human fallibility. It may be easier to get a flavor of the relevant issues by examining the role of fallibility in specific settings, rather than through abstract arguments. So, in the next three sections, I consider several different settings: the question of diversification versus concentration of political authority, the managerial succession process in organizations, and the choice of ideas and projects (including innovation-oriented projects) in organizations. In the last section, I highlight some aspects of the approach underlying the analyses of human fallibility, in particular: the premises concerning an individual decisionmaker, the potential association between the motivation of an organization's employees and their fallibility, and the nature and the aims of the analysis of organizations.

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Paper provided by Yale - Economic Growth Center in its series Papers with number 625.

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Length: 26 pages
Date of creation: 1991
Date of revision:
Handle: RePEc:fth:yalegr:625
Contact details of provider: Postal: U.S.A.; YALE UNIVERSITY, ECONOMIC GROWTH CENTER, YALE STATION NEW-HAVEN CONNECTICUT 06520 U.S.A
Phone: (203) 432-3610
Fax: (203) 432-3898
Web page: http://www.econ.yale.edu/~egcenter/
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  1. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-54, May-June.
  2. Bull, Clive & Ordover, Janusz A., 1987. "Market Structure and Optimal Management Organizations," Working Papers 87-28, C.V. Starr Center for Applied Economics, New York University.
  3. Clive Bull & Janusz A. Ordover, 1987. "Market Structure and Optimal Management Organizations," RAND Journal of Economics, The RAND Corporation, vol. 18(4), pages 480-491, Winter.
  4. Baker, G.P. & Jensen, M.C. & Murphy, K.J., 1988. "Compensation And Incentives: Practice Vs. Theory," Papers 88-05, Rochester, Business - Managerial Economics Research Center.
  5. Holmstrom, Bengt, 1989. "Agency costs and innovation," Journal of Economic Behavior & Organization, Elsevier, vol. 12(3), pages 305-327, December.
  6. Rosen, Sherwin, 1986. "Prizes and Incentives in Elimination Tournaments," American Economic Review, American Economic Association, vol. 76(4), pages 701-15, September.
  7. Rose-Ackerman, Susan, 1986. "Reforming Public Bureaucracy through Economic Incentives?," Journal of Law, Economics and Organization, Oxford University Press, vol. 2(1), pages 131-61, Spring.
  8. Holmström, Bengt, 1989. "Agency Costs and Innovation," Working Paper Series 214, Research Institute of Industrial Economics.
  9. Koh, Winston T. H., 1992. "Human fallibility and sequential decision making : Hierarchy versus polyarchy," Journal of Economic Behavior & Organization, Elsevier, vol. 18(3), pages 317-345, August.
  10. Joesph E. Stiglitz, 1975. "Incentives, Risk, and Information: Notes Towards a Theory of Hierarchy," Bell Journal of Economics, The RAND Corporation, vol. 6(2), pages 552-579, Autumn.
  11. Sherwin Rosen, 1982. "Authority, Control, and the Distribution of Earnings," Bell Journal of Economics, The RAND Corporation, vol. 13(2), pages 311-323, Autumn.
  12. James G. March, 1978. "Bounded Rationality, Ambiguity, and the Engineering of Choice," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 587-608, Autumn.
  13. Alvin K. Klevorick & Michael Rothschild & Christopher Winship, 1982. "Information Processing and Jury Decisionmaking," Cowles Foundation Discussion Papers 635, Cowles Foundation for Research in Economics, Yale University.
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