The 1986 article by Grossman and Hart "A Theory of Vertical and Lateral Integration " has provided a framework for understanding how firm boundaries are defined and how they affect economic performance. The property rights approach has provided a formal way to introduce incomplete contracting ideas into economic modeling.
The Impact of Incomplete Contracts on Economics collects papers and opinion pieces on the impact that this property right approach to the firm has had on the economics profession. It shows that the impact has been felt sometimes in significant ways in a variety of fields, ranging from the theory of the firm and their internal organization to industrial organization, international trade, finance, management, public economy, and political economy and political science. Beyond acknowledging how the property rights approach has permeated economics as a whole, the contributions in the book also highlight the road ahead---how the paradigm may change the way research is performed in some of the fields, and what type of research is still missing. The book concludes with a discussion of the foundations of the property rights, and more generally the incomplete contracting, approaches and with a series of contributions showing how behavioral considerations may provide a new way forward.
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The Impact of Incomplete Contracts on Economics collects papers and opinion pieces on the impact that this property right approach to the firm has had on the economics profession.
PART 1: Perspectives on Grossman and Hart 1986 ; (1) Introductory Remarks on Grossman and Hart, JPE, 1986 ; John Moore (University of Edinburgh) ; (2) Grossman-Hart (1986) as a Theory of Markets ; Bengt Holmstrom (MIT) ; (3) Remarks on Incomplete Contracting ; Jean Tirole (Toulouse School of Economics) ; (4) Property Rights and Transaction Cost Theories ; Steven Tadelis (University of California-Berkeley and eBay Research Labs) ; (5) Grossman and Hart (1986) and Applied Theory ; Thomas Hubbard (Kellogg School of Management, Northwestern University) ; PART 2: Incomplete Contracts and Firm Boundaries ; (6) Incomplete Contracts and Firm Boundaries: New Directions ; Wouter Dessein (Columbia University) ; (7) Discussion of Wouter Dessein's
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"The contributions in this collection constitute a most worthy celebration of Grossman and Hart's classic paper on incomplete contracting and its deep and wide-ranging impact on economics and beyond."
-- Bengt Holmstrom, Paul A. Samuelson Professor of Economics, M.I.T
"The Grossman -Hart incomplete contracts approach represents perhaps the most influential advance in economic theory in the last 30 years. This book assembles many of the remarkable offspring of this truly seminal contribution."
-- Andrei Shleifer, Professor of Economics, Harvard University
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"The contributions in this collection constitute a most worthy celebration of Grossman and Hart's classic paper on incomplete contracting and its deep and wide-ranging impact on economics and beyond."
-- Bengt Holmstrom, Paul A. Samuelson Professor of Economics, M.I.T
"The Grossman -Hart incomplete contracts approach represents perhaps the most influential advance in economic theory in the last 30 years. This book assembles many of the remarkable offspring of this truly seminal contribution."
-- Andrei Shleifer, Professor of Economics, Harvard University
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Selling point: Investigates the boundaries of firms and the effect of these boundaries on economics performance
Selling point: Takes a property rights approach to incomplete contracting ideas and economic modeling
Selling point: Blends together research from economics, finance, industrial organization, management, and political science
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Philippe Aghion is the Robert C. Waggoner Professor of Economics at Harvard University and a fellow of the Econometric Society and of the American Academy of Arts and Sciences.
Mathias Dewatripont is Director of the National Bank of Belgium, Professor of Economics at the Université libre de Bruxelles. and a fellow of the Econometric Society and of the American Academy of Arts and Sciences
Patrick Legros is Professor of Economics at the Université libre de Bruxelles in Belgium and a fellow of its research center ECARES.
Luigi Zingales is Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance and Charles M. Harper Faculty Fellow at the University of Chicago Booth School of Business.
Les mer
Selling point: Investigates the boundaries of firms and the effect of these boundaries on economics performance
Selling point: Takes a property rights approach to incomplete contracting ideas and economic modeling
Selling point: Blends together research from economics, finance, industrial organization, management, and political science
Les mer
Produktdetaljer
ISBN
9780199826216
Publisert
2016
Utgiver
Vendor
Oxford University Press Inc
Vekt
590 gr
Høyde
231 mm
Bredde
155 mm
Dybde
31 mm
Aldersnivå
UP, 05
Språk
Product language
Engelsk
Format
Product format
Heftet
Antall sider
440