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美国留学生经济学作业需求-产品,信息价值与经济组织研究-Production, Information Costs, a(25)

时间:2011-07-07 11:05来源 作者:英国论文网 点击联系客服: 客服:Damien

service to the team owners upon entering into sports
activity, are owned by team owners. Here the team
owners must monitor the athletes' physical condition
and behavior to protect the team owners' wealth. The
athlete has less (not, no) incentive to protect or enhance
his athletic prowess since capital value changes have less
impact on his own wealth and more on the team owners.
Thus, some athletes sign up for big initial bonuses
(representing present capital value of future services).
Future salaries are lower by the annuity value of the
prepaid "bonus" and hence the athlete hasless to lose by
subsequent abuse of his athletic prowess. Any decline in
his subsequent service value would in part be borne by
the team owner who owns the players' future service.
This does not say these losses of future salaries have no
effect on preservation of athletic talent (we are not making
a "sunk cost" error). Instead, we assert that the
The similarity between the preceding
analysis and the question of absentee
landlordism and of sharecropping arrangements
is no accident. The same factors
which explain the contractual arrangements
known as a firm help to explain
the incidence of tenancy, labor hiring or
VII. Firms as a Specialized Market
Institution for Collecting, Collating,
and Selling Input Information
The firm serves as a highly specialized
surrogate market. Any person contemplating
a joint-input activity must search
and detect the qualities of available joint
inputs. He could contact an employment
agency, but that agency in a small to\n7n
would have little advantage over a large
firm with many inputs. The employer, by
virtue of monitoring many inputs, acquires
special superior information about
their productive talents. This aids his
directive (i.e., market hiring) efficiency. He
"sells" his information to employee-inputs
as he aids them in ascertaining good input
combinations for team activity. Those
who work as employees or who rent services
to him are using him to discern superior
combinations of inputs. Not only
preservation is reduced, not eliminated, because the
amount of loss of wealth suffered is smaller. The athlete
will spend less to maintain or enhance his prowess
thereafter. The effect of this revised incentive system is
evidenced in comparisons of the kinds of attention and
care imposed on the athletes at the "eupense of the
team owner" in the case where atheletes' future servies
are owned by the team owner with that where future
labor service values are owned by the athlete himself.
LVhy athletes' future athletic services are owned by the(责任编辑:BUG)

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