The internal organization of complex teams: Bounded rationality and the logic of hierarchies |
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| Institution: | 1. School of Economics, Nanjing University, Nanjing, China;2. Department of Economics, Carleton University, Ottawa, Canada;3. Sauder School of Business, University of British Columbia, Vancouver, Canada;1. Department of Economics, Howard University, ASB-B Room 302, 2400 4th Street NW, Washington, DC 20059, United States;2. Department of Economics, Northeastern Illinois University, 5500 N. St. Louis Ave., BBH 340b, Chicago, IL 60625, United States;3. Department of Economics (M/C 144), University of Illinois at Chicago, 601 South Morgan Street, Room 711, Chicago, IL 60607-7107, United States |
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| Abstract: | This paper explains the emergence of hierarchical organization in teams of specialized producers carrying out a production activity when their members are constrained by bounded rationality. In contrast to the focus on transaction costs, monitoring and incentive structures, it derives hierarchical organization as the only feasible organizational response to the need to solve complex coordination and information problems that emerge in carrying out the production, in a changing environment, of a product composed of many parts. |
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