Economic theory suggests that monopoly prices hurt consumers but benefit shareholders. But in a world where individuals …

predictive content of the traditional theory of competitive supply. A number of key results in the deterministic theory follow as … predictive content of the classical theory of competitive firm behavior from its a priori roots in profit maximization, while … subsuming the traditional theory as a special case. -- Supply aggregation ; stochastic supply function ; stochastic consistency …

modern compensation theory, but has not been extended to organization theory. The perspective sheds new light on several … topics in the theory of the firm, like the boundaries of the firm, the importance of fairness concerns within firms, the … attenuation of incentives, or the role of routines and incentives. It implies a perceptional theory of the firm that is realistic …

unemployment rate. In line with theory, we find that firms possess more monopsony power during economic downturns, which shows to …