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An Economist's Perspective on the Theory of the Firm

Hart, Oliver·1989·Columbia Law Review

DOI 10.2307/1122818

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“Grossman and Hart (1986) Hart (1989) characterised the ‘owner’ within the nexus of contracts as the person who determines the indeterminate elements of inevitably incomplete contracts.”
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“See also Hart (1989).”
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“…of Gary Becker (1974, 1968) on the family and crime) and also through the application of novel insights from other disciplines to the conventional subject matter of economics (as in the work of Akerlof (1982) on gift exchange, and of Oliver Hart (1989, 1995) on the exercise of power in the firm).”
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“…place in modern capitalist organizations leads to a conflict of interest and the rejection of the complete information of the neoclassical view (Hart 1989).6 Indeed, the ownership group of the firm has some interest in maximizing profit, or other value-related objective functions; on the other…”
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Law and Corporate Governance ✶ ✶Thanks to Leo Strine for helpful comments and to Hannah K. Song for valuable research assistance.
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“Specific works include Coase (1937), Cyert and March (1963), Williamson (1971), Alchian and Demsetz (1972), Grossman and Hart (1986), Hart and Moore (1990), Holmstrom and Milgrom (1994), DeMeza and Lockwood (1998), and Holmstrom (1999). See also Cremér, Garicano and Prat (2007) for a theory of firm scope and structure…”
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Authors: Hart, O.
Corresponding author: Hart, Oliver
ORCID: Hart, Oliver
Venue: Columbia Law Review
Publisher: JSTOR
Published: 1989-11
Volume: 89
Issue: 7
Pages: 1757
ISSN: 0010-1958 (ISSN-L)
DOI: 10.2307/1122818
OpenAlex: W1503687797
Cited by: 498
References: 1
Citations by year: 2026: 4 · 2025: 4 · 2024: 9 · 2023: 54 · 2022: 26 · 2021: 19 · 2020: 18 · 2019: 24 · 2018: 17 · 2017: 12 · 2016: 22 · 2015: 14 · 2014: 12 · 2013: 13 · 2012: 17
FWCI: 8.26
Type: journal article
Language: en
Open access: closed
Locations: Columbia Law Review (publishedVersion)
Topics: Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Theory and Institutions
Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Law, Economics, and Judicial Systems
Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Legal and Constitutional Studies
Keywords: theory of the firm, firm economics

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