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The book studies the core of exchange and production economies in which agents are asymmetrically informed about states … production technology satisfies a regularity condition - the core is non-empty, i.e. even in the case of asymmetric information …
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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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