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来源类型Working Paper
规范类型报告
DOI10.3386/w18495
来源IDWorking Paper 18495
A Theory of the Firm based on Partner Displacement
Thomas F. Hellmann; Veikko Thiele
发表日期2012-10-25
出版年2012
语种英语
摘要We develop a new theory of the firm where asset owners sometimes want to change partners ex-post. The model identifies a fundamental trade-off between (i) a "displacement externality" under non-integration, where a partner leaves a relationship even though the benefit is worth less than the loss to the displaced partner, and (ii), a "retention externality" under integration, where a partner inefficiently retains the other. Renegotiation cannot eliminate these inefficiencies when agents are wealth constrained. When there is more asset specificity, displacement externalities matter more and retention externality less, so that integration becomes more attractive. Our model also predicts that integration always provides stronger incentives for specific investments, and that wealthy owners actually want to commit to ex-post wealth constraints. Our analysis differs from the received theories of the firm because of our emphasis on dynamic partner changes.
主题Microeconomics ; Households and Firms ; Economics of Information ; Industrial Organization ; Firm Behavior ; Other ; Accounting, Marketing, and Personnel
URLhttps://www.nber.org/papers/w18495
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/576170
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GB/T 7714
Thomas F. Hellmann,Veikko Thiele. A Theory of the Firm based on Partner Displacement. 2012.
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