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| Author: | Osano, H. |
| Title: | Wealth dynamics and the endogenous design of firm organization |
| Journal: | Japanese Economic Review
2003 : SEP, VOL. 54:3, p. 300-323 |
| Index terms: | Altruism Distribution of wealth Equilibrium analysis Organization |
| Language: | eng |
| Abstract: | The paper explores the dynamic interaction between wealth distribution and firm organization design using a model of growth in altruism in which a consideration of moral hazard on the part of agents with risk-averse preferences prevents complete insurance and generates inequality. The author shows that 1) there exists an ergodic invariant distribution of wealth to which the stochastic processes of lineage wealth converges globally and that 2) the firm form with direct evaluation of the agent's effort is more likely to be chosen as wealth is distributed more equally. |
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