The Economics of the Business Firm: Seven Critical Commentaries
Cambridge University Press, 1 янв. 1997 г. - Всего страниц: 179
The essays in this volume break new ground in the theory of the business firm and its applications in economics. A leading analyst of industrial organization, Professor Demsetz critically examines current debates on the existence, definition, and organization of the firm and discusses issues related to the emerging theory of the firm. He then analyzes the relation among business ownership, wealth, and economic development. Subsequent essays offer new perspectives on competition, profit maximization and rational behavior, and shed new light on managers' compensation, antitrust policy, and the accuracy of firms' accounting data.
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The firm of theory its definition and existence
Agency and nonagency explanations of the firms organization
Enterprise control wealth and economic development
Profit maximization and rational behavior
The use and abuse of accounting profit data
accounting data accounting profit rates activities agency problem Alchian antitrust assets bounded rationality calculated capital CEO compensation changes closed-end fund commentary competitive intensity control problem corporation correlation decision decision problem Demsetz discussed distribution of wealth economic efficient effort employees equity error existence expected explanation firm-specific risk funds greater imperfect imperfect information important incentives increase inputs investment investors Knight knowledge large firms less levels managed coordination management compensation marginal cost market concentration measured ment merger monitoring neoclassical theory on-the-job consumption open-end funds owners ownership concentration ownership structure percent perfect competition persons positive profit price agreements productivity professional management profit maximization rank-order compensation rate of return rational behavior reduce reflect regression relationship reliance rely requires rivals role satisficing share earnings share price shareholders shirking simply specialized statistics stock prices studies substitution tion tournament compensation tournament theory transaction cost variables vertical integration wages X-efficiency yield