Publisher Summary This chapter discusses the operationalization of transaction cost
economics. Vertical integration, an understanding of which serves as a paradigm for hel** …

Over the past decade, a number of researchers have extended conventional models of
business fixed investment to incorporate a role for financial constraints' in determining …

American markets, once a model for the world, are giving up on competition. Thomas
Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by …

John Dryden wrote in 1698, in the Epistle to Peter Antony Motteux,''Words, once my stock,
are wanting to commend/So great a poet and so good a friend.''It is not easy to talk about a …

This book brings together in one place the work of one of our most respected economic
theorists, on a field in which he has played a large part in originating: the New Institutional …

No subject with a foot in both the academic and public domains like macroeconomics
remains unchanged for long. The search for improved explanations, and the challenge of …

The Theory of Industrial Organization is the first primary text to treat the new industrial
organization at the advanced-undergraduate and graduate level. Rigorously analytical and …

NUMEROUS MARKETS ARE characterized by informational differences between buyers
and sellers. In financial markets, informational asymmetries are particularly pronounced …

The Modigliani-Miller theorem on the irrelevancy of financial structure implicitly assumes that
the market possesses full information about the activities of firms. If managers possess …

This paper analyzes compensation schemes which pay according to an individual's ordinal
rank in an organization rather than his output level. When workers are risk neutral, it is …