Property Rights and the Nature of the Firm Property Rights and the Nature of the Firm

@inproceedings{Hart1990PropertyRA,
  title={Property Rights and the Nature of the Firm Property Rights and the Nature of the Firm},
  author={Oliver Hart and John Moore},
  year={1990}
}
The paper provides a framework for addressing the question of when transactions should be carried out within the firm and when through the market. Following Grossman and Hart (1986), we identify a firm with the assets which its owners control: ownership confers the right to decide how the assets are to be used in events unspecified in an initial contract. We study how changes in ownership affect non-owners of assets, such as employees. We show that a party 1 will put more weight on a party 2's… CONTINUE READING

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