Recent studies indicate that firms often outsource standard and simple tasks, while keeping complex and important inputs inside their boundaries. This observation is difficult to reconcile with the property rights approach of the firm, which suggests that important components should be...

We provide an axiomatic framework for exchange markets with a willingnessto- pay/willingness-to-accept discrepancy. First, we obtain a two parameter family of market invariants under price-scaling representing the excess demand. One of the parameters can be identified as endowment. The other is...

We consider a property rights model of a firm with two heterogeneous suppliers. The headquarters determine the firm's organizational structure, and we analyze which sourcing mode (outsourcing or vertical integration) is chosen for which of the asymmetric inputs. If suppliers' investment choices...

Das internationale Steuerrecht steht seit nunmehr längerer Zeit im besonderen Interesse der weltweiten Öffentlichkeit, da es multinationalen Unternehmen immer wieder gelingt, im erheblichen Umfang Steuerzahlungen zu vermeiden. Internationale Initiativen z.B. durch die OECD versuchen durch...

We provide an axiomatic framework for exchange markets with a willingness- to-pay/willingness-to-accept discrepancy. First, we obtain a two parameter family of market invariants under price-scaling representing the excess demand. One of the parameters can be identified as endowment. The other is...