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, the set of Walrasian payoff vectors of the induced coalition production economy coincides with the core of the balanced …-jobbing. -- Coalition production economy ; transferable utility game ; core ; Walrasian equilibrium ; Walrasian equilibrium without double …
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We model a firm in an institutional market setting, consisting of a production technology and its governance. The governance consists of a hierarchical firm structure, a cost efficiency parameter,and an internal pay system. The depth of the firm is determined by profit maximization under the...
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