By John Cable (eds.)
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Extra resources for Current Issues in Industrial Economics
But the status of residual claimant may carry with it an exposure to risk. In this situation we saw that insurance considerations can make it optimal to allocate a entitlement to a share of the residual to another party, even though the incentive to supply the input may thereby be diluted. Incentives and insurance are not the only factors determining organisation. We demonstrated that in oligopolistic product markets there can be strategic effects to take into account. Other considerations - that we have not had space to explore here include the need to have decisions taken by individuals with information, and the possibility that individual incentives may need to be dampened to encourage cooperation.
The behaviour of labour-managed firms, and the ways that they differ from traditional capitalist ones, depends on the nature of both the ownership and the control structures. One can conceive of a taxonomy in which firms are controlled either exclusively by workers through a democratic mechanism - labour-managed - or jointly by workers' representatives and conventional owner/ managers- participatory firms. In either, ownership is assumed to be external. If one combines workers' control with social ownership along Yugoslav lines (see Estrin, 1983), the enterprise is referred to as self-managed.
It shows that it can be optimal for a profit-maximising owner to provide a manager with an incentive to deviate from profit maximisation! Consider a homogeneous product duopoly with linear demand, constant marginal costs of production, c, and Cournot competition. 7) where ll; is the level of profit for firm i, p is the market price and Q = q 1 + q 2 is the total output in the industry. 9) This alternative objective function for the firm may reflect the fact that output is an argument in the manager's utility function, or that the owner - for reasons that will become apparent - has chosen to base salary on output as well as profit.
Current Issues in Industrial Economics by John Cable (eds.)