The Comparative Advantages of Firms, Markets and Contracts: a Unified Theory
研究了专业化优势、工人转换成本及需求变化频率如何决定最有效的劳动力市场机制，发现多边机制在特定条件下更优，而双边机制中企业优于合同的条件是过程中调整更频繁。
The most efficient labour market mechanism depends on the advantages of specialization, workers’ costs of switching between entrepreneurs, and the frequency with which needs change. Multilateral mechanisms are more efficient when specialization is more advantageous, when it is cheap for workers to switch between entrepreneurs, and when individual entrepreneurs cannot occupy a worker on a full‐time basis. Given a bilateral mechanism, employment (a firm) is more efficient than contracts when in‐process adjustments arise more frequently. There exist three regions in which firms, markets and sequences of bilateral contracts are weakly more efficient than all other mechanisms in a big class.