Williamson论文合辑

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1、TheIncentiveLimitsofFirms:AComparativeInstitutionalAssessmentofBureaucracyByOliverE.WilUamsonContents:I.Introduction,-II.AChronicPuzzle.-III.TheIncentiveLimitsofVerticalIntegration.-IV.Low-PoweredIncentivesinMarkets.-V.IllustrativeEx-amples.-VI.TwoCa

2、veats.-VII.TheCostsofBureaucracy.-VIII.ConcludingRemarks.I.IntroductionhYcan'talargefirmdoeverythingthatacollectionofsmallfirmsWcandoandmore?Thisisavariantofaquestionthathasbeenaskedmanytimesbeforebutforwhichanadequateanswerhasneverbeendevised-towit,

3、whatisresponsibleforlimitationsinfirmsize?Yetanotherwayofputtingthissameissueisthis:whynotorganizeeverythinginonelargefirm?Thetrade-offmodelthatIhaveadvancedelsewhere[Williamson,1981b]offerstworeasonswhyafirmwouldeschewintegration:economiesofscaleand

4、scopemaybesacrificedifthefirmattemptstomakeforitselfwhatitcanprocureinthemarket;andthegovernancecostsofinternalorganizationexceedthoseofmarketorganizationwhereassetspecificityisslight.Thefirstoftheseisnotathoroughlycomparativeexplanation.Ifeconomieso

5、fscalearerealizedbytheoutsidesupplier,thenthesesameeconomiescanbepreserveduponmergerbyinstructingthesuppliertoservicethemarketinthefuturejustasithasinthepast1.Thefundamentallimitationtofirmsizethusmustturnonthegovernancecostdisabilitiesofinternalorga

6、nizationwhereassetspecificityisinsubstantial.Butwhereindothefirm'scomparativedisabilitiesinthesegovernancecostrespectsreside?TheshortcomingsofearliertreatmentsofthefirmsizepuzzlearebrieflysketchedinSectionII.Acomparativeinstitutionalassessmentofthein

7、centiveeffectsofverticalintegrationissetoutinSectionIII.Iarguethateffortstoreplicatemarketsbyintroducinghigh-poweredincentivesintofirmsActually,rivalsofafirmthathasacquireditssuppliermaybeloathtoplaceorderswiththe(integrated)supplystage.Accordingly,t

8、hesuppliermaynotbeabletocontinuebusinessasusual.Tobesure,thisdefectcouldberemediedbymergingallofthefirmswithwhichthesupplierdidbusinessintoonebigfirm.Thisescalatestheassessmentandhencewillbesetaside.IncentiveLimitsofFirms737invitedistortionandinvaria