| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18495 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w18495 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576170 |
| 推荐引用方式 GB/T 7714 | Thomas F. Hellmann,Veikko Thiele. A Theory of the Firm based on Partner Displacement. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18495.pdf（574KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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