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(,1995),,,,, (Milgrom and Roberts,1992 :1912193), 21,,,,,,,,,, ( Hart and Holmstrom,1987 ; Alchian and Woodward,1988 ; Hart,1995 ;,1995 ), ( Vanek, 1970 ;, 1995 ;,1995) ( ),,,,,,, ( ), ( ),,,,,,,,,,,, ( ),, (1994) (1994) ;, (1996) ( ),, 18
( ) ;,,,,,,, ; ;,,,,,,,, ( ) ; ( ), (,1995),,, 31, (Aghion and Bolton,1992) (1996),,,, w + r < x w + r +, ; w x < r + w, ; x < w, ; x w + r +,,,, (1995),, (1996),,,,, Ahgion and Bolton (1992),Aoki (1994).,x,,w,r ( ) x X ( X ) ; 19
(,1996),,, x w + r +,,,,,,,,,,,,,, t 0 S H ( S,H ),S H C 3 ( 3,W 3 ), 3 W 3,, t 0 S H, C 0 ( 0,W 0 ), H, S, : 3 W 0 > 3 + W 3 ( 0 + W 0 ) 3 ;W 0 < 3 + W 3 ( 0 + W 0 ) t 1 C 0 H t 1 ( ) ; H ;, H S H, t 1, H S C 1 ( 1,W 1 ), :,,,,,,,,,,, ( ),,, 20
3 0 3 + W 3 ( 1 + W 1 ) < 1 < ( 0 + W 1 + W 1 ) ; W 3 W 0 0 3 + W 3 ( 1 + W 1 ) < W 1 < ( 0 + W 1 + W 1 ) 0, ( n ) n = n + W n 3 W n W 3 3 + W 3 ; = n + W n 3 + W 3,,,, ;, (,1994),,,,,,,,,, ( ),,, Aghion,Philippe and Patrick Bolton,1992, An Incomplete Contracts Approch to Financial Contracting,Review of Economic Studies,59 :4732494. Alchian,Armen and Harold Demsetz,1972, Production Information Costs,and Economic Organization,American Economic Review,62 :7772795. Alchian,Armen and Susan Woodward,1988, The Firm Is Dead,Long Live the Firm : A Review of Oliver E. Williamson s The Economic Institutions of Cipitalism,Journal of Economic Literature,Vol. XXIV (March) :65279. Aoki, M.,1984, The cooperative Game Theory of the Firm, Oxford :Clarendon Press. (1995 1996),,,,,, 21
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