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...
| Published in: | Journal of Political Economy Vol. 114; no. 4; pp. 644 - 672 |
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| Main Authors: | , |
| Format: | Article |
| Published: |
University of Chicago Press
August 2006
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| Subjects: | |
| Online Access: | View this record in EBSCOhost |