Difference between revisions of "PHDBA602 (Theory of the Firm)"
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*[[Grossman Hart (1986) - The Costs And Benefits Of Ownership |Grossman, Sanford J. and Oliver D. Hart (1986)]], "The Costs and Benefits of Ownership: A Theory of Vertical Integration", Journal of Political Economy, vol.94, pp. 691-719. [http://www.edegan.com/pdfs/Grossman%20Hart%20(1986)%20-%20The%20Costs%20and%20Benefits%20of%20Ownership.pdf pdf] | *[[Grossman Hart (1986) - The Costs And Benefits Of Ownership |Grossman, Sanford J. and Oliver D. Hart (1986)]], "The Costs and Benefits of Ownership: A Theory of Vertical Integration", Journal of Political Economy, vol.94, pp. 691-719. [http://www.edegan.com/pdfs/Grossman%20Hart%20(1986)%20-%20The%20Costs%20and%20Benefits%20of%20Ownership.pdf pdf] | ||
Revision as of 15:51, 15 November 2010
PHDBA602 is a (for credit) Directed Studies course, that doctoral students can use to develop their own courses with a professor. This page provides information about a directed study course with Steve Tadelis on that centers arounds models that provide theories of the firm.
Contents
Format
The format is:
- One, perhaps two, models per class
- One class per week, with a timeslot TBD.
- The student will write up the model ahead of time (on this wiki)
- The class will be used to:
- Discuss intricacies of the model
- Discuss modelling choices, with a view to helping the student understand how to build models
- Place the model in the context of the broader literature
Papers
Introduction
The following papers were suggested as a starting point:
- Grossman, Sanford J. and Oliver D. Hart (1986), "The Costs and Benefits of Ownership: A Theory of Vertical Integration", Journal of Political Economy, vol.94, pp. 691-719. pdf
- Holmstrom, Bengt and Paul Milgrom (1991), "Multi-Task Principal-Agent Analyses: Linear Contracts, Asset Ownership and Job Design", Journal of Law, Economics and Organization, Vol. 7, pp. 24-52. pdf
- Gibbons, Robert (2005), "Four formal(izable) theories of the firm?", Journal of Economic Behavior & Organization, vol. 58, pp.200-245. pdf
The Handbook of Industrial Organization (1989) also provides a chapter on the theory of the firm:
- Holmstrom, Bengt R. and Jean Tirole (1989), "Chapter 2 The theory of the firm", In: Richard Schmalensee and Robert Willig, Editor(s), Handbook of Industrial Organization, Elsevier, Volume 1, Pages 61-133. pdf
Centralization/Decentralization:
- Bolton, Patrick and Joseph Farrell (1990), "Decentralization, Duplication And Delay," Journal of Political Economy, 98, pp. 803-26. pdf
- Alonso, Ricardo, Wouter Dessein and Niko Matouschek (2008), "When Does Coordination Require Centralization?" American Economic Review, Vol. 98(1), pp. 145-179. pdf
Firm Boundaries:
- Holmstrom, Bengt and John Roberts (1999), "The Boundaries Of The Firm Revisited," Journal of Economic Perspectives, Vol. 12(4), Pages 73-94 pdf
- Holmstrom, Bengt (1999), "The Firm As A Subeconomy", Journal of Law, Economics, and Organization Vol. 15, Issue 1, pp. 74-102. pdf
Background Literature
The following papers provide seminal background material:
- Alchian, Armen A. and Harold Demsetz (1972), "Production, Information Costs, and Economic Organization", The American Economic Review, Vol. 62, No. 5. (Dec.), pp. 777-795 pdf
- Coase, Ronald (1937), "The Nature of the Firm", Economica. pdf
- Klein, Benjamin Robert, G. Crawford, and Armen A. Alchian (1978), "Vertical Integration, Appropriable Rents, and the Competitive Contracting Process", Journal of Law and Economics, Vol. 21, No. 2. (Oct.), pp. 297-326 pdf
- Williamson, Oliver E. (1971), "The Vertical Integration of Production: Market Failure Considerations," American Economic Review, 61:112-23. pdf
