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| Author: | Laffont, J-J. Martimort, D. |
| Title: | The firm as a multicontract organization |
| Journal: | Journal of Economics and Management Strategy
1997 : SUMMER, VOL. 6:2, p. 201-234 |
| Index terms: | CONTRACTS ORGANIZATION COMPANIES |
| Language: | eng |
| Abstract: | The firm can be characterized as a nexus of both implicit and explicit contracts linking the management and its shareholders, including claimholders, workers, unions, customers, suppliers, and the state. The motivation for this analysis is that the basic assumptions underlying the revelation principle fail to be satisfied when communication costs are explicitly taken into account, and comprehensive grand contracts can no longer be enforced in the framework. Then there is scope for a comparative analysis between different organizational forms involving some form of decentralized communication channels and some sharing of the contracting rights. |
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