小平 裕２９‐５４／２９‐５４
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1 Scharfstein (1988) 4.2 Hart (1983) (2009b) (2008) (2009a)
2 managerial slack Machlup (1967) Leibenstein (1966) x x- inefficiency x Machlup Leibenstein Machlup Leibenstein Hart (1983) Hart Machlup Hart Scharfstein (1988) Hart Scharfstein (1988) Hart Scharfstein 2.
3 (2.1) Q$D (p) Q p (D"(p)$0) e q e (2.2) q$!f (e) (2.3) f"(e)%0 f"(e)$0!!1!2!1$!2!$!1!$!2!1 p 1!2 p 2!i (i$1#2) "i "1#"2$1 entrepreneurial firm managerial firm v 1!v w
4 (2.4) U (v(w)!e) v(w) e Hart (1983) v(w)%!#"v w"w 1H!U# U#%$!$w#w 2 1H w v w v Scharfstein (1988) 1H 1S 1S v(w)%w (2.4) U (w!e) 1S 2 1H Hart w w%0 e q! R%pq p (i%1"2) R i w i
5 "R i"w i#i$1"2 "R i"w i#i$1"2 w!!!! R i e i (2.5) R i$p i!i f (e i )! e i!! 2.1 1S 2 (2.4) U (w!e) w!e p i!i R i (2008) (2009a) (2008) (2009a)
6 !" e i (2.5) (2.6) e i(g R i p i!i g(f!1 f (2.3) (2.7) g$$0 g$$0 w i!e i #w(0(i(1#2) (PC) %R i"#w i"&i(1#2 (2.8) max %R i#w i&i(1#2"1(r 1!w 1 )'"2(R 2!w 2 )!"#0 R subject to 1 w 1!g (PC1)!"#0 R 2 w 2!g (PC2) w i (PC1) (PC2)!"i(1#2 (2.9) w i"(g R i p i!i (2.8)
7 #!"#!" $ $("2 R (2.10) max R 1!g &R i'i)1#2"1 p g$ 2!g 1!1 (2.10) i" R i!")0 R 1!1 i)1#2 p i!i p g$ i!i i"!")0 R (2.11) p i)1#2 i)1!i p i!i R 1 R 2 g$$0 ((2.7)) (2.11) R e i")g!" (2.11) p i!i$p (j)%i j!j ) p i!i R i"$r j" e i"$e j" 2.2!!!!"!"#w j!g i)%j i#j)1#2 (j)%i!i!j ) (IC) (2.12) w i!g R i p i!i R j p i!i
8 %Rˆ i#ŵ i&i(1#2 (2.13) max %R i#w i&i(1#2"1(r 1!w 1 )'"2(R 2!w 2 )!"#0 R subject to 1 w 1!g (PC1)!"#0 R 2 w 2!g (PC2)!"#w 2!g w 1!g R 1 R!"(IC1) 2 w 2!g!"#w R 2 1!g R!"(IC2) 1 (2.8) (IC1) (IC2) %R i"#w i"&i(1#2 (2.8) p i!i$p i($j j!j j" j" i"!"$w!"(w!"(0 R R R (2.14) w j"!g j"!g i"!g p i!i p j!j p i!i!i!j (PC1) (PC2) $!2!1 (IC2) $ (IC1)
9 2!2$ (2.13) $R i"#w i"%i'1#2 p (PC1) (IC2) (2.15) w 2!g!"#w 1!g R 2!"#g R 1!"!g R 1!"$0 R 1 (PC2) (PC1) (IC2) (PC2) (IC1) (IC1)!" (PC1) (IC2) w 1 w 2 R (2.16) 1 ŵ 1'g ŵ 2'g!"&g R 2!"!g R 1 %!"& R 1 ŵ 2 $!2!1!2 #!" $ R 1 (2.16) (2.13) R (2.17) max 1 R 1!g $R i%i'1#2"1 # $ 2!g!"!g R 2 % &!"!g R 1!" R 1 &"2 R R 2
10 (2.18)!) g%!) "*&0 Rˆ 1!1 2 p g% 2!2 "*&p2 Rˆ 2 1!2 (2.11) Rˆ 2&R 2" ê 2&e 2" % #'% R 1!) "* #'%!)!) (R 1#R 2 "* ) g% g% g% $(&!"2 "*!1 $(&&0 Rˆ "1 1!1 1 1 Rˆ 1!) "* Rˆ 1 p g% #'% 2!2 1 Rˆ (2.19) 1!)!) "* $(& g% g% "*!1 1 Rˆ p 1 Rˆ 1 1 &p 1!"2 "1!) (2.19) [ ] % g%%0 ((2.7)) g% Rˆ 1 "*$p1 Rˆ (2.20) 1 1!1 p 1" 1!1 g% (g%%0) Rˆ 1$R g%%$0 f%%#0 (R 1#R 2 )
11 )-+ )-+ *., *.,!g ê 1#e 1" '/ &Rˆ i"ŵ '/ i' (0 '/ '/ (0 (IC1) (2.16) (IC1) % (0!g Rˆ (2.21) 0#g 2 Rˆ 1!" (0!g Rˆ 2 Rˆ 1 p g$ g$ 1!1 Rˆ!"!1 2 1 x x &dx (1Rˆ 1 $ (2.22) Rˆ 2(R 2"$R 1"$Rˆ 1 (IC1) &R i""w i"' 1 p i!i$p j!j (i(%j"i"j(1"2) g$ (i) i" #$(p R i p i!i f$(e i")(1 1!i p i!i j" j" R i"$r e i"$e!j!i (ii)
12 1!i!# "$#pi g" Rˆ i p i!i!# g" "$#pj Rˆ j 1!j p j!j p i!i f"(ê i )#1 p j!j f"(ê j )#1 Rˆ i#r i!#r j!#rˆ j ê i#e i!#e j!#ê j!i!j!j R j!j Rˆ j R j! R j! Rˆ j!j!i Rˆ j"r j! 3.!!!i!j (2008) (2009a)
13 p 1$p 2 $ p 1 p 2 dd "$!p D dp 2! (i) "$1 $ (ii) "#1 $ p 1$p 2 (i)"$1 $ p!1#!2 1$p 2!!i Q i$v!i f (e i") f (ê #(1!v)!i i ) p 1$p 2!1!2 Q 1#Q 2 (3.1) v!1 f (e 1")#(1!v)!1 f (ê 1 )#v!2 f (e 2")#(1!v)!2 f (ê 2 ) pd (p) d (pd (p)) $(1!")D dp
14 "$1 p 1$p 2!1!2 (3.2) [v!1 f (e 1")#(1!v)!1 f (ê 1 )]# [v!2 f (e 2")#(1!v)!2 f (ê 1"$ 2 )] $ 1 ê 1$e e 2"$ê 2 (3.3) vf (e 1")#(1!v)f (ê 1 )$vf (e 2")#(1!v)f (ê 2 ) $ (3.4) [vf (e 1")#(1!v)f (ê 1 )]$ [vf (e 2")#(1!v)f (ê 2 )] (3.2) "$1 $ ê 2$e 2"$e 1"$ê 1 1 Q 1#Q 2 p 1$p 2 (ii)"#1 $ ê 2$e 2"$e 1"$ê 1 (3.5) vf (e 2")#(1!v)f (ê 2 )$vf (e 1")#(1!v)f (ê 1 )!2$!1 (3.5) (3.6)!2 [vf (e 2")#(1!v)f (ê 2 )]$!1 Q 2$Q 1 p 1$p 2 [vf (e 1")#(1!v)f (ê 1 ) (3.7) [vf (e 2")#(1!v)f (ê 2 )]# [vf (e 1")#(1!v)f (ê 1 )]
15 (3.5) (3.7) % "$1 %!2%!1 p 1%p 2 2 p 1%p 2! %!"!2!1!"!g!""g!"!g R (3.8) 1 R 1 g q 1!1 p 1 q 1 %p!" 2!2!1!2!"!g!""g!"!g R (3.9) 2 R 2 g q 2!2 p 2 q 2 q i!i (i"1#2)! p 1"p 2! p 1%p 2 % (3.8)! % (3.9)
16 ! 4. Hart (1983) Scharfstein (1988) Machlup (1967) v v Scharfstein (1988) Hart (1983) 4.1 Scharfstein (1988) 3! ("$1) v ê 1 qˆ 1 p 1 2!$ ê 2 qˆ 2 p 2 $ ê 2"e e 1!$ê 1 q i! f (e i ) (4.1) qˆ 2(p 2 )"q 2!(p 2 )$q 1!(p 1 )$qˆ 1(p 1#p 2 ) qˆ i q i"!i q 1! q 2! qˆ 2 (2.11) qˆ 1 (2.19) q 1! p 1 q 2! qˆ 2
17 p 2 qˆ 1 p 1 p 2 v!2 qˆ 2(p 2 )%q 2"(p 2 ) (4.2) Q 2 (p 2 )%vq 2"(p 2 )$(1!v)qˆ 2(p 2 )%q 2"(p 2 ) v p 2 (4.3) dp 2 dv%0 p 2 qˆ 2 ê 2 dqˆ (4.4) 2 2 dv%dê dv%0 v Rˆ 1%p 1 qˆ 1 qˆ 1!" (2.19) p 1 qˆ 1 "1$"2 1% 1!"!!"$p qˆ g#p 1 1 qˆ 1 1!" qˆ g#p 1 $qˆ (4.5) 1 #0 2 $p 2 "1!1 g#qˆ!"$"2 1 2!1 1!1 g#qˆ!"g#p 1 p 1 1 qˆ 1!1 q 1" (2.11) p 1 q 1" 1% 1"!" g# 2 dq 1" (4.6) #0 dp q!1!1 #% $& #% $& (4.5)
18 1" qˆ 1 q p 1!1 (4.7) Q 1 (p 1#p 2 )%vq 1"(p 1 )$(1!v)qˆ 1(p 1#p 2 )!# "$ q 1"%qˆ 1 v v 1" p 1 v Q 1 dq (4.8) 1 1"!qˆ 1$v dv%q dq dp 1 1 dp 1 1 dp 2 dp 1 dv$(1!v)&qˆ &p 1 dv$&qˆ &p 2 dv q 1"%qˆ 1 (4.3) (4.5) (4.6) dp 1 dv#0 dq 1 dv%0 dp 1 dv$0 (4.5) qˆ 1 ê 1 ("%1) %
19 v p 2 p 1 qˆ 1 (3.8) qˆ 1 qˆ Hart (1983) Scharfstein (1988) Hart (1983) Scharfstein (1988) S Hart (1983) 1H 1H (4.9) w 1!w 2!w w w 2
20 (4.10) v!e i#0 i'1#2 (4.11) "1(R 1!w 1 )&"2(R 2!w )'"1R 1&"2R 2 2!w i' R i (i'1#2) R (4.10) (4.11) p i!i f (e i ) e i (4.12) max $e 1#e 2%"1 f (e 1 )&"2p 2!2 f (e 2 )!w subject to v!e 1#0 (PC1) v!e 2#0 (PC2) (PC1) (PC2) (4.13) e 1"'e 2"'v (4.14) R i"'p i!i f (v) i'1#2 $!" R 2"$R 1" w!" 1'w 2'w!"#w!g R (4.15) 1 R 2 w!g!"#w!g w!g R 2 R 1
21 !"!"!"#g R (4.16) 1 R 2 g!"#g g R 2 R 1 g ((2.7)) (4.17) R 1#R 2 R 2#R 1 (4.18) R 1&R 2 R i"&p i!i f (v) 2!2 &%p!"$0 R R 1&R 2&R v!g (4.19) max R!w R p i!i subject to!"$0 R v!g (PC1)!"$0 R v!g (PC2) " (PC1)!"&v Rˆ (PC1) g
22 1" (4.20) ê 1$v$e ê 2 f (v)$ f (ê 2 ) 2" (4.21) ê 2"v$e Hart (1983) Scharfstein (1988) v (4.20)!1 (4.21) Q 1$v!1 f (v)#(1!v)!1 f (v)$!1 f (v) v p 1 (4.22) f (v)$ f (ê 2 ) p 2 f (ê 2 )!2 f ((2.3)) ê 2!2 (4.23) Q 2$v!2 f (v)#(1!v)!2 f (ê 2 ) f (ê 2 )"f (v) v
23 v p 2 v p 2 Hart (1983) Scharfstein (1988) Hart (1983) 4 1S 1H ("$1) $ (i) 1! (4.24) e 1!"e 2!"v R 2!$R 2! (4.25) ê 1"e 1!"v"e 2!$ê 2 Rˆ 1"Rˆ 2"R 1!#R (ii) v ê 1 qˆ 1 p 1 ê 2 qˆ 1 p 2
24 5. Hart (1983) Scharfstein (1988) Hart Scharfstein Hart Scharfstein Hermalin (1992) (1994) Horn, Lang and Lundgren (1994) Martin (1993) Cournot
25 Scharfstein (1988) Leibenstein (1966) Machlup (1967) Schmidt (1997) Leibenstein (1966) Machlup (1967) Schmidt (1997) Leibenstein (1966) Machlup (1967) Schmidt (1997) Hart, O., (1983), The Market Mechanism as an Incentive Scheme, Bell Journal of Economics, 14:
26 Hart, O., (1995), Firms, Contracts, and Financial Structure, Oxford University Press. Hermalin, B. E., (1992), The Effects of Competition on Executive Behavior, Rand Journal of Economics, 23: Hermalin, B. E., (1994), Heterogeneity on Organizational Form: Why Otherwise Identical Firms Choose Different Incentives for Their Managers, Rand Journal of Economics, 25: Horn, H., H. Lang and S. Lundgren (1994), Competition, Long Run Contracts and Internal Inefficiencies in Firms, European Economic Review, 38: Leibenstein, H., (1966), Allocative Effficeincy vs. X-Efficiency, American Economic Review, 56: Machlup, F., (1967), Theories of the Firm: Marginalists, Behaviral, Managerial, American Economic Review, 57: Martin, S., (1993), Endogenous Firm Efficiency in a Cournot Principal-Agent Model, Journal of Economic Theory, 59: Scharfstein, D., (1988), Product-Market Competition and managerial Slack, Rand Journal of Economics, 19: Schmidt, K., (1997), The Strategic Choice of Managerial Incentives, Rand Journal of Economics, 18: (2008) 9-42 (2009a) 1-38 (2009b) No. 51
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[ 1 ] Barcena-Ruiz, J. C., and M. P. Espinosa, 1996, Long-term or Short-term Managerial Incentive Contracts, Journal of Economics and Management Strategy 5, 343-359. [2] Barros, F., 1995, Incentive Schemes
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