haku: @journal_id 7 / yhteensä: 1856
viite: 130 / 1856
| Tekijä: | Baker, G. Gibbons, R. Murphy, K. J. |
| Otsikko: | Bringing the Market Inside the Firm? |
| Lehti: | American Economic Review
2001 : MAY, VOL. 91:2, p. 212-218 |
| Asiasana: | CONTRACTS COMPANIES MARKETS |
| Kieli: | eng |
| Tiivistelmä: | In this paper the authors show that bringing the market inside the firm is often not feasible, even if it would be desirable. More precisely, if some aspects of the market transaction are noncon-tractible then it is impossible to replicate spot-market payoffs inside a firm. This result would be trivial if the firm's only instruments were court- enforceable contracts: it is impossible (by definition) for such contracts to replicate payoffs that were noncon- tractible in a spot market. The authors' contribution is to show that this result also applies to relational contracts. The resulting model is the first one which is known of that simultaneously analyses asset ownership, court-enforceable contracts, and relational contracts. |
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