Notions of the 'Firm'
{"Image DocumentName": "Notions of the \u2018Firm\u2019", "Image ImageDescription": "Coase (1937): Boundary of the firm is the \u2018range of exchanges over which the market system is suppressed and resource allocation is accomplished by authority and direction\u2019 Alchian and Demsetz (1972): Emphasis on role of \u2018contracts as a vehicle of voluntary exchange\u2019 Emphasis on joint input production is too narrow. Authors\u2019 definition of the firm: A form of legal fiction (artificial construct under the law) which serves as a nexus of contracting relationships and which is also characterized by the existence of divisible residual claims on the assets and cash flows of the organization which can generally be sold without permission of the other contracting individuals (p. 311)", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}