The Co-operative Game Theory of the Firm

This highly original book challenges the orthodox economic theory of the firm as a mysterious "black box" whose internal design is unknown and irrelevant and which operates solely to maximize shareholder profit. Instead, the author proposes a new "cooperative game theory," in which the firm is a coalition of shareholders and employees, with its market behavior and internal distribution the result of a cooperative game (bargaining). Aoki tests his model against existing industrial structures, including the Anglo-American unionized firm, the German/Swedish co-determination firm, and the American non-union or Japanese firm.

Business & Money

Aoki, Masahiko

Management & Leadership

Oxford University Press

This book uses differences in firm and market regulation and organization to explain differences in national economic performance. These differences affect the way in which firms process information, which is crucial to performance. Applying game theory, contract theory, and information theory, Aoki describes the rules and norms in Japan, the USA, and the transitional economies. He shows how firms can achieve--and in the case of Japan, maintain--competitive advantage in international markets.

Information, Corporate Governance, and Institutional Diversity: Competitiveness in Japan, the USA, and the Transitional Economies

Economics

This highly original book challenges the orthodox economic theory of the firm as a mysterious "black box" whose internal design is unknown and irrelevant and which operates solely to maximize shareholder profit. Instead, the author proposes a new "cooperative game theory," in which the firm is a coalition of shareholders and employees, with its market behavior and internal distribution the result of a cooperative game (bargaining). Aoki tests his model against existing industrial structures, including the Anglo-American unionized firm, the German/Swedish co-determination firm, and the American non-union or Japanese firm.

Science & Math

Chemistry

In this classic text, Masahiko Aoki explores how the 2008-9 financial crisis demanded a re-examination of the role of corporations and the working of financial markets around the world, providing a compelling new analysis of the corporate firm; the role of shareholders, managers and workers; and institutional governance structures. In recent decades the firm has predominantly been seen as an organization run and governed in the interests of shareholders, where management act as the agent of shareholders, and the workers simply as instruments for share-value maximization. This book reverses this viewpoint. It sees corporations as associational cognitive systems where 'cognitive actions' are distributed amongst managers and workers, with shareholders supplying 'cognitive tools' and monitoring their use in the systems. Aoki analyses the different relationships that can exist between shareholders, managers, and workers from this perspective, and identifies a range of different models of organizational architecture and associated governance structures. He also discusses ways in which corporations act as players in social, political, and organizational games, as well as global economic games; how these inter-related social dynamics may change particular distinctive national structures into the diversity incorporated in the global corporate landscape; and how they now call for new roles for financial markets.

Corporations in Evolving Diversity: Cognition, Governance, and Institutions (Clarendon Lectures in Management Studies)

Business Culture

A conceptual and analytical framework for understanding economic institutions and institutional change.
Markets are one of the most salient institutions produced by humans, and economists have traditionally analyzed the workings of the market mechanism. Recently, however, economists and others have begun to appreciate the many institution-related events and phenomena that have a significant impact on economic performance. Examples include the demise of the communist states, the emergence of Silicon Valley and e-commerce, the European currency unification, and the East Asian financial crises.
In this book Masahiko Aoki uses modern game theory to develop a conceptual and analytical framework for understanding issues related to economic institutions. The wide-ranging discussion considers how institutions evolve, why their overall arrangements are robust and diverse across economies, and why they do or do not change in response to environmental factors such as technological progress, global market integration, and demographic change.

Toward a Comparative Institutional Analysis

Literature & Fiction

Dramas & Plays

The MIT Press

A conceptual and analytical framework for understanding economic institutions and institutional change. Markets are one of the most salient institutions produced by humans, and economists have traditionally analyzed the workings of the market mechanism. Recently, however, economists and others have begun to appreciate the many institution-related events and phenomena that have a significant impact on economic performance. Examples include the demise of the communist states, the emergence of Silicon Valley and e-commerce, the European currency unification, and the East Asian financial crises. In this book Masahiko Aoki uses modern game theory to develop a conceptual and analytical framework for understanding issues related to economic institutions. The wide-ranging discussion considers how institutions evolve, why their overall arrangements are robust and diverse across economies, and why they do or do not change in response to environmental factors such as technological progress, global market integration, and demographic change.

MIT Press]

State Space Modeling of Time Series

In this book, the author adopts a state space approach to time series modeling to provide a new, computer-oriented method for building models for vector-valued time series. This second edition has been completely reorganized and rewritten. Background material leading up to the two types of estimators of the state space models is collected and presented coherently in four consecutive chapters. New, fuller descriptions are given of state space models for autoregressive models commonly used in the econometric and statistical literature. Backward innovation models are newly introduced in this edition in addition to the forward innovation models, and both are used to construct instrumental variable estimators for the model matrices. Further new items in this edition include statistical properties of the two types of estimators, more details on multiplier analysis and identification of structural models using estimated models, incorporation of exogenous signals and choice of model size. A whole new chapter is devoted to modeling of integrated, nearly integrated and co-integrated time series.

Technology

Springer-Verlag Telos

Information, Incentives and Bargaining in the Japanese Economy: A Microtheory of the Japanese Economy

This book is not another parable of Japan's economic success; it provides rich and systematic descriptions of Japanese microeconomic institutions and interprets their workings in terms familiar to Western economists. A systematic, in-depth analysis of Japanese institutions of this kind has never been available before. In making his comparative analysis of the Japanese system, the author critically examines conventional notions about the microstructure of the market economy that have strongly shaped and influenced economists' approach to industrial organization. While these notions may constitute an appropriate foundation for the analysis of the highly market-oriented Western economies, the author has found that a more complete understanding of the Japanese economy requires us to broaden such "specific" notions. Topics include the internal information structure, incentive scheme, and capital structure of the Japanese firm; corporate and bureaucratic behavior from the viewpoint of bargaining game theory; subcontract design; functions of corporate grouping; the pattern of innovation; and the possible impacts of cultural factors.

Cambridge University Press

This book is not another parable of Japan's economic success; it provides rich and systematic descriptions of Japanese microeconomic institutions and interprets their workings in terms familiar to Western economists. A systematic, in-depth analysis of Japanese institutions of this kind has never been available before. In making his comparative analysis of the Japanese system, the author critically examines conventional notions about the microstructure of the market economy that have strongly shaped and influenced economists' approach to industrial organization. While these notions may constitute an appropriate foundation for the analysis of the highly market-oriented Western economies, the author has found that a more complete understanding of the Japanese economy requires us to broaden such "specific" notions. Topics include the internal information structure, incentive scheme, and capital structure of the Japanese firm; corporate and bureaucratic behavior from the viewpoint of bargaining game theory; subcontract design; functions of corporate grouping; the pattern of innovation; and the possible impacts of cultural factors.

See the best price to sell, buy, or rent books by Aoki, Masahiko. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Aoki, Masahiko

See the best price to sell, buy, or rent books by Aoki, Masahiko. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

The Co-operative Game Theory of the Firm

Information, Corporate Governance, and Institutional Diversity: Competitiveness in Japan, the USA, and the Transitional Economies

The Co-operative Game Theory of the Firm

Corporations in Evolving Diversity: Cognition, Governance, and Institutions (Clarendon Lectures in Management Studies)

Corporations in Evolving Diversity: Cognition, Governance, and Institutions (Clarendon Lectures in Management Studies)

Toward a Comparative Institutional Analysis

Toward a Comparative Institutional Analysis

State Space Modeling of Time Series

Information, Incentives and Bargaining in the Japanese Economy: A Microtheory of the Japanese Economy

Information, Incentives and Bargaining in the Japanese Economy: A Microtheory of the Japanese Economy