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This paper develops a model with multiple market locations in which the quality of intangible assets of firms, provided by management, determines the firms. performance. Despite an ex ante symmetry of potential entrants, the equilibrium assignment of heterogeneous managerial skills to firms...
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possibilities are internalized in the market, and where managers are complementary inputs to non-managerial workers. The paper … illustrates why some countries may adopt modern technologies while others stay backwards. The paper also explains why managers may …
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