Abstract
Armen Alchian and Harold Demsetz epitomized the Los Angeles School that added flesh to the bare bones neoclassical model. Their work on a new definition of the firm was both their magnum opus and an important contribution to an understanding that has now been integrated into the fabric of finance and corporate value.
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Notes
Armen Alchian and Harold Demsetz, “Production, Information Costs, and Economic Organization,” American Economic Review, vol. 62, December, 1972, pp. 777–95.
B. Holmström, “Moral Hazard and Observability,” Bell Journal of Economics, 1979, pp. 74–91; G. Hardin “The Tragedy of the Commons,” Science, vol. 162, no. 3859, pp. 1243–8.
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© 2015 Colin Read
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Read, C. (2015). The Great Idea. In: The Corporate Financiers. Great Minds in Finance. Palgrave Macmillan, London. https://doi.org/10.1057/9781137341280_26
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DOI: https://doi.org/10.1057/9781137341280_26
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