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Type of Publication: | Working Paper/Technical Report |
URI (citable link): | http://nbn-resolving.de/urn:nbn:de:bsz:352-opus-10020 |
Author: | Fabel, Oliver |
Year of publication: | 2003 |
Series: | Diskussionspapiere der DFG-Forschergruppe Heterogene Arbeit ; 03/03 |
Summary: |
The O-Ring theory provides a framework to analyse the emergence of firms organized as partnerships. The owner-managers of such entrepreneurial firms can benefit from ability matching within their production teams. However, they must also bear the project risk. Risk-aversion then induces a second-best solution. At the same time, integrated firms managed on behalf of risk-neutral residual-claimants face information and/or enforcement problems. Hence, they cannot organize ability-matched teams. It is shown that there exists an equilibrium such that groups of individuals sharing a superior ability level will found entrepreneurial firms. Low-quality individuals will be employed by managed firms which hire randomly.
The paper constitutes a significantly revised version of the study formerly entitled The Emergence of a New Economy: An O-Ring Approach , Department of Economics, University of Konstanz, Discussion Paper Series I 314. |
JEL Classification: | M2; L2; D2 |
Subject (DDC): | 330 Economics |
Controlled Keywords (GND): | Spin-off-Unternehmensgründung, Partnerschaftsgesellschaft, Teamfähigkeit, Marktselektion, Risikoverteilung |
Keywords: | O-Ring Theorie, Fähigkeitsselektion, Partnerschaftsunternehmung, verwaltete Unternehmung, O-Ring Theory, Ability Matching, Entrepreneurial Firms, Managed Firms |
Link to License: | In Copyright |
FABEL, Oliver, 2003. Spin-offs of Entrepreneurial Firms : an O-Ring Approach
@techreport{Fabel2003Spino-11805, series={Diskussionspapiere der DFG-Forschergruppe Heterogene Arbeit}, title={Spin-offs of Entrepreneurial Firms : an O-Ring Approach}, year={2003}, number={03/03}, author={Fabel, Oliver} }
03-03.pdf | 846 |