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Keywords: Hierarchy
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Journal Articles
Journal:
Journal of Economic Studies
Journal of Economic Studies (2014) 41 (1): 123–139.
Published: 07 January 2014
.... Existing theoretical literature in this area relies on the incentives of decision-makers in centralized organizations and on the concept of soft budget constraint in centralized command economies and hard budget constraint in market economies. This study advocates applying the hierarchy/polyarchy model...
