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  • April 2019
  • Article

Internalizing Global Value Chains: A Firm-Level Analysis

By: Laura Alfaro, Pol Antràs, Davin Chor and Paola Conconi
In recent decades, advances in information and communication technology and falling trade barriers have led firms to retain within their boundaries and in their domestic economies only a subset of their production stages. A key decision facing firms worldwide is the... View Details
Keywords: Global Value Chains; Sequential Production; Incomplete Contracts; Demand and Consumers; Customer Value and Value Chain; Globalization
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  • 2017
  • Working Paper

Internalizing Global Value Chains: A Firm-Level Analysis

By: Laura Alfaro, Pol Antràs, Davin Chor and Paola Conconi
In recent decades, advances in information and communication technology and falling trade barriers have led firms to retain within their boundaries and in their domestic economies only a subset of their production stages. A key decision facing firms worldwide is the... View Details
Keywords: Global Value Chains; Sequential Production; Incomplete Contracts; Demand and Consumers; Customer Value and Value Chain; Globalization
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  • Article

Management Practices, Relational Contracts and the Decline of General Motors

By: Susan Helper and Rebecca Henderson
General Motors was once regarded as one of the best managed and most successful firms in the world, but between 1980 and 2009 its share of the U.S. market fell from 62.6% to 19.8%, and in 2009 the firm went bankrupt. In this paper we argue that the conventional... View Details
Keywords: Organizational Design; Management Practices and Processes; Insolvency and Bankruptcy; Manufacturing Industry; Auto Industry; United States
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  • Article

Trust and Incentives in Agency

By: Ramon Casadesus-Masanell and Daniel F Spulber
Contracts between a principal and an agent are not formed in a vacuum. Although formal contracts between a principal and an agent contain explicit incentives for performance, the relationship between a principal and an agent also involves implicit incentives. Three... View Details
Keywords: Trust; Motivation and Incentives; Agency Theory; Contracts; Market Transactions; Performance; Relationships; Societal Protocols; Legal Liability; Cost
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  • Research Summary

Working Papers

By: Dennis A. Yao

 

Lewis, Tracy R. and Dennis A. Yao. (2001, revised 2006). "Innovation, Knowledge Flow, and Worker... View Details

  • Research Summary

Bargaining with Imperfect Enforcement

Joint work with Mark Williams, formerly of Exeter College, Oxford.

The game-theoretic bargaining literature insists on non-cooperative bargaining procedure but allows cooperative implementation of agreements. The effect of this is to allow free-reign of bargaining... View Details

  • Article

Bargaining with Imperfect Enforcement

By: Lucy White and Mark Williams
The game-theoretic bargaining literature insists on non-cooperative bargaining procedure but allows 'cooperative' implementation of agreements. The effect of this is to allow free-reign of bargaining power with no check upon it. In reality, courts cannot... View Details
Keywords: Agreements and Arrangements; Body of Literature; Contracts; Motivation and Incentives; Code Law; Game Theory
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  • May 2020
  • Article

Negotiating a Better Future: How Interpersonal Skills Facilitate Inter-Generational Investment

By: Nava Ashraf, Natalie Bau, Corinne Low and Kathleen McGinn
Using a randomized control trial, we examine whether offering adolescent girls nonmaterial resources—specifically, negotiation skills—can improve educational outcomes in a low-income country. In so doing, we provide the first evidence on the effects of an intervention... View Details
Keywords: Negotiation; Competency and Skills; Training; Age; Gender; Education; Investment; Outcome or Result; Developing Countries and Economies
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  • 2010
  • Working Paper

Trade Policy and Firm Boundaries

By: Laura Alfaro, Paola Conconi, Harald Fadinger and Andrew F. Newman
We study how trade policy affects firms' ownership structures. We embed an incomplete contracts model of vertical integration choices into a standard perfectly-competitive international trade framework. Integration decisions are driven by a trade-off between the... View Details
Keywords: Trade; Policy; Vertical Integration; Business and Government Relations; Boundaries; Ownership; Mathematical Methods
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    Jerry R. Green

    Jerry R. Green

    David A. Wells Professor of Political Economy

    John Leverett Professor in the University

    Harvard University

     

    Jerry Green is the John Leverett Professor in the University and the David A. Wells... View Details

    Keywords: aerospace; education industry; insurance industry; professional services
    • 2010
    • Working Paper

    Agency Revisited

    By: Ramon Casadesus-Masanell and Daniel F. Spulber
    The article presents a comprehensive overview of the principal-agent model that emphasizes the role of trust in the agency relationship. The analysis demonstrates that the legal remedy for breach of duty can result in a full-information efficient outcome eliminating... View Details
    Keywords: Ethics; Contracts; Agency Theory; Mathematical Methods; Behavior; Trust
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    • Research Summary

    The Institutional Foundations of Lending: Indirect Regulation and State-Building

    The Institutional Foundations of Lending: Indirect Regulation and State-Building makes two main theoretical contributions to the scholarship on credit markets and institutional development. First, the book demonstrates that opportunistic lenders can take... View Details
    • 02 Sep 2014
    • First Look

    First Look: September 2

    http://www.hbs.edu/faculty/Publication%20Files/SSRN%20-%20Org%20Sci%20Rewrite%20for%20ssrn_b75b2c22-40f6-430f-be8f-9797e71fe2ea.pdf September 2014 Journal of Economic Perspectives Management Practices, Relational Contracts and the Decline... View Details
    Keywords: Sean Silverthorne
    • 09 Jun 2003
    • Research & Ideas

    Incentives and Operational Excellence

    Research Symposium on May 20, Narayanan described some problems common both to major corporations and Mom-and-Pop shops, and offered practical solutions based on his new research. Contract incompleteness is... View Details
    Keywords: by Martha Lagace
    • 01 Sep 2015
    • First Look

    First Look -- September 1, 2015

    these modalities. An incomplete understanding of the value of costly, yet effective, technologies could impede medical innovation and decrease the quality of cancer care through a reduction of patient access by third-party payers. With... View Details
    Keywords: Sean Silverthorne
    • Web

    Bibliography - Option Pricing in Theory & Practice: The Nobel Prize Research of Robert C. Merton - Exhibits - Historical Collections

    Scholes. "The Pricing of Options and Corporate Liabilities." Journal of Political Economy 81 (May/June 1973): 637-654. Black, Fischer, and Myron S. Scholes. "The Valuation of Option Contracts and a Test of Market Efficiency." Journal of... View Details
    • 29 Jun 2010
    • First Look

    First Look: June 29

    superior economic performance. Download the paper: http://www.hbs.edu/research/pdf/10-110.pdf Trade Policy and Firm Boundaries Authors:Laura Alfaro, Paola Conconi, Harald Fadinger, and Andrew F. Newman Abstract We study how trade policy affects firms' ownership... View Details
    Keywords: Martha Lagace
    • 22 May 2018
    • First Look

    New Research and Ideas, May 22, 2018

    improved girls’ outcomes by moving households’ human capital investments closer to the efficient frontier. This is consistent with an incomplete contracting model, where negotiation allows daughters to... View Details
    Keywords: Dina Gerdeman
    • 10 Dec 2013
    • First Look

    First Look: December 10

    and Incentives in Online Affiliate Marketing By: Edelman, Benjamin G., and Wesley Brandi Abstract—We consider alternative methods of supervising staff who have significant discretion and whose efforts are subject to both incomplete... View Details
    Keywords: Sean Silverthorne
    • 27 Jan 2009
    • First Look

    First Look: January 27, 2009

    models and policies are incomplete without taking into account the bargaining process and, in particular, the way in which this process interacts with underlying control structures in the household. Testing the Commitment Hypothesis in... View Details
    Keywords: Martha Lagace