Journal Article The Role of Securities in the Optimal Allocation of Risk-bearing Get access K. J. Arrow K. J. Arrow Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 31, Issue 2, April 1964, Pages 91–96, https://doi.org/10.2307/2296188 Published: 01 April 1964

[We study a team with many processes; the output process depends on the resources allocated to it by the resource manager, on a local decision by the process manager, and on a (random) parameter of the process. We compare two communication patterns: (1) resource allocations are based on full information, but local decisions are based only on corresponding local information; (2) all decisions are based on full information. We show that, if the criterion is expected average output per process, and if the process parameters are independent and identically distributed, then (under certain regularity assumptions) for "large" teams the additional communication among process managers in (2) over (1) has approximately no value.]

Обсуждаются следующие темы: чистая теория производства, функциональное распределение дохода, технический прогресс, источники международных конкурентных преимуществ. Анализируются эластичность замещения между трудом и капиталом в обрабатывающей промышленности; производственные функции различного типа.