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1、Bargaining costs,influence costs,and the organization of economic activity1990 Cambridge University PressPerspective on Political Economy J.Alt and K.shepse(eds.),Transaction Cost Economy,Coase(1937,1960)Williamson(1975,1985)Cost of Organizing the economic activities 1.Physical Production and distri
2、bution2.Cost of carrying out necessary exchange（Vague）,Two Elements to Add,Shot-term bargaining cost(强调)(Williamson:asset specificity,frequency,uncertaintyInfluence cost：Identify costs attached to centralized,discretionary decision making,Critique and Extension of the received theory,1.Uncertain fut
3、ure Vs short-term contracts Explain STC:Period short enough,All information available BC:Wage paid;Monitoring;Enforcing Problem:STC cannot restrict long-term behaviorsTwo-parties relation analysis hypothesis:1.Risk neutral,Financially Unconstrained,Expected-wealth-Maximizing Bargainer.2.farsighted3.
4、Opportunistic 4.Distant contracts governing prohibitively costly to write.,Proposition,If the costs of bargaining over short-term arrangements were ZERO-then the market outcome would be efficient.Two emphasis before Provement：1.The actions do not depend on bargaining power but the distribution of th
5、e fruits 2.Inability to write complete contracts has effect on the way the parties share risks.(Limited intertemporal or contingent transfer),Example：,Fisher Body and General Motors（Klein，Crawford，Alchian）Two period：1.Agreement about plant site and design,share of cost2.Negotiate price,fixed transfe
6、r payment,quality standards,delivery schedule.(Full knowledge)Problems:General Motors fear Fisher Body Opportunism(Quasi rents)resoluton:having General Motors bear part of the plants costEssence:Distributional risk and be compensated by intitial cash paymentCondultion:Bargaining costs is in the dete
7、rmining the efficiency of market transaction.,Addment：,About assumption：Risk neutral:fail in individual Contract without restriction:cant not be precisely monitoredFudenberg,holmstrom,milgrom(1990),Nonmarket transactions:,1 Why Prefer Market?2.Incentive(Williamson,Grossman,Hart)3.Miss:The cost that
8、do not depend specifically on control of assets.（Centralized authority）,Costs of centralized authority,Why unplanned,decentralized system always do better than centrally planned,consciously coordinated system.(No answer)View:most distinguishes any centralized organization is the authority autonomy o
9、f its top decision makers or management(Intervene)Inappropriate use.1.For their own initiative.2.Be persuade or manipulate by others for excessive or inappropriate use.,Influence costs,The cost When the central authority is both incorruptible and intelligent enoughResource：1.Affect others decisions
10、to their benefit2.Ineffcient decisions result from influence activity or the attempts to prevent or control them.,Why it is difficult to ignore the attempt at influence?One reason influence is inevitable is that decision makers must rely on others for information that is not easily available to them
11、 directlyThe incentives to attempt to influence an organizations decisions are,to some extent,endogenous,Thus,careful organizational design can at least partially control the direct cost s of influence activities.Expression1.boundaries of the firm:The widespread practice of spinning off or isolating
12、 unprof-itable subsidiaries2.A universitys policy of requiring its schools to be tubs on their own bottoms,each individua lly responsible for its revenues and expenditures,costs of their own,Worthwhile investments will be foregoneless qualified people will be assigned to key positionsless qualified
13、people will be assigned to key positionsbad decisions will be made because communication has been restricted and available information is not used desirable resource transfers between divisions will not be effec-ted.,Trading off the costs,Japanese firms make use both ofwage policies and of organizat
14、ional rules to facilitate extensive involvement of their employees in decision making without encouraging excessive attempts at influence,The validity of these arguments depends on,Centrally controlled organization considerably free from outside intervention.1.property rights over the firm generally
15、 reside at the executive level or higher2.executives generally have better and more fluid information systems than courts or government agencies do,Summary and conclusions,Governmental unit or an executive in a firm has intervene certain identifiable costs are incurred.1.a tendency for the authority
16、 to intervene excessively2.Increased time devoted to influence activities and a corresponding reduction in organizational productivity3.poorer decision making 4.a loss of efficiency as the organization adapts its structure and policies to control influ-ence activities and their costs.,Influence activities are essentially political and because the theory applies equally to public and private organizations.,中国的国企的治理影响成本是否过高？影响成本 更为抽象化。如何定位，政治活动。,
