Ch6 Transactions Costs and Internal Labor Markets

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1、NBERWORKINGPAPERSERIESTRANSACTIONSCOSTSANDINTERNALLABORMARKETSSherwinRosenWorkingPaperNo.2407NATIONALBUREAUOFECONOMICRESEARCH1050MassachusettsAvenueCambridge,MA02138October1987PresentedattheConferenceCelebratingthe50thAnniversaryof"TheNatureoftheFirm,"Y

2、aleSchoolofOrganizationandManagement,May14-16,1987,forthcominginTheJournalofLaw,EconomicsandOrganization.TheresearchreportedhereispartoftheNBER'sresearchprograminLaborStudies.AnyopinionsexpressedarethoseoftheauthorandnotthoseoftheNationalBureauofEconomi

3、cResearch.NBERWorkingPaper#2407October1987TransactionCostsandInternalLaborMarketsABSTRACTTheconceptoftransactionscostsusedbyCoasein"TheNatureoftheFirm"isappliedtotheinternallabormarketofanorganization.Underjointproductionitisshownthatthenumberoftransact

4、ion—specificpricesneces-sarytodecentralizelaborallocationsrisesgeometricallywiththesizeoftheworkforce.Complexityofcalculationandcostsofimplementationconstrainsthepossibilities•forinternaldecentralizationthroughapricemechanismandsubstitutesamoreauthorita

5、riansystemofallocationinstead.Thesesameissuesofcomplexityandimplementationcostslimittheuseful-nessofagencytheoryasaconceptualframeworkforthisproblem.Theanalysissuggeststhataninternallabormarketmustbeviewedinamorecomprehensiveframeworkofapersonnelmanagem

6、entsystem.SherwinRosenDepartmentofEconomicsUniversityofChicago1126East59thStreetChicago,IL60637RevisedOctober10,1987TRANSACTIONSCOSTSANDLABORMARKETSSherwinRosen*UniversityofChicagoI.INTRODUCTIONCoase'sfirstlecturerevealsasurprisingaversiontowardmathe-ma

7、tics.Curious,comingfromoneofthefeweconomistswhohasaTHEOREMnamedafterhim.InfactaneasycasecanbemadethatRonaldisrespon-siblefortwotheorems,alemma,and,accordingtosome,anidentity.THECoaseTheoremisatthispointwellbeyondfurtherdiscussion.TheSecondTheoremisthere

8、markableoneonthetime—consistent,subgameperfectequi-libriumforadurablegoodsmonopolist—-thepoorsoulwhoisforcedtoeitherdestroysomepropertyorelseactasaperfectcompetitorbecauseitisimpossibletocommitnowtoactionsthatarenotcredibleinthef