Firms as Clubs in Walrasian Markets with Private Information.
We incorporate multiagent, principal-agent theory into general equilibrium analysis. The traded commodities are multiagent contracts that include a description of the individual's job, effort level, and state-contingent consumption. These contracts are club goods. The competitive equilibrium and the...
| Publicado en: | Journal of Political Economy Vol. 114; no. 4; pp. 644 - 672 |
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| Autores principales: | , |
| Formato: | Artículo |
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University of Chicago Press
August 2006
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=511308542&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 511308542 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00223808 JPE jtl: Journal of Political Economy issn: 00223808 maglogo: N pubinfo: dt: August 2006 vid: 114 iid: 4 pid: 415 pub: University of Chicago Press artinfo: ui: 511308542 10.1086/505231 ppf: 644 ppct: 28 formats: tig: atl: Firms as Clubs in Walrasian Markets with Private Information. aug: au: Prescott, Edward Simpson Townsend, Robert M. su: Theory of the firm Information theory in economics Clubs Economics sug: subj: Theory of the firm Information theory in economics Clubs Economics ab: We incorporate multiagent, principal-agent theory into general equilibrium analysis. The traded commodities are multiagent contracts that include a description of the individual's job, effort level, and state-contingent consumption. These contracts are club goods. The competitive equilibrium and the Pareto program are formulated. The contracts are identified with firms, so the market determines which firms exist and who is assigned to which firm in what capacity. An example is provided in which the internal organization of firms and the distribution of firm classes vary with the aggregate capital endowment and its distribution across agents. A simplex-based algorithm for solving the Pareto program is developed. Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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