On the opportunism-independent theory of the firm

Previous developments in the opportunism-independent theory of the firm are either restricted to special cases or are derived from the capabilities or resource-based perspective. However, a more general opportunism-independent approach can be developed, based on the work of Demsetz and Coase, which is nevertheless contractual in nature. This depends on 'direction', that is, deriving economic value by permitting one set of actors to direct the activities of another, and of non-human factors of production. Direction helps to explain not only firm boundaries and organisation, but also the existence of firms, without appealing to opportunism or moral hazard. The paper also considers the extent to which it is meaningful to speak of 'contractual' theories in the absence of opportunism, and whether this analysis can be extended beyond the employment contract to encompass ownership of assets by the firm. © The Author 2005. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Opportunism, hold-up and the (contractual) theory of the firm

This paper considers the role of opportunism in three contractual theories of the firm: rent-seeking theory, property rights theory, and agency theory. In each case I examine whether it is possible to have a functioning contractual theory of the firm without recourse to opportunism. Without opportunism firms may still exist as a result of issues arising from (incomplete) contracting. Far from posing a problem for the theory of the firm, questioning the role of opportunism and the ubiquity of the hold-up problem helps us understand more about the purpose and functions of contracts which go beyond mere incentive alignment.

On the theory of the modulation instability in optical fiber and laser amplifiers

The modulation instability (MI) in optical fiber amplifiers and lasers with anomalous dispersion leads to CW beam breakup and the growth of multiple pulses. This can be both a detrimental effect, limiting the performance of amplifiers, and also an underlying physical mechanism in the operation of MI-based devices. Here we revisit the analytical theory of MI in fiber optical amplifiers. The results of the exact theory are compared with the previously used adiabatic approximation model, and the range of applicability of the latter is determined. The same technique is applicable to the study of spatial MI in solid state laser amplifiers and MI in non-uniform media. © 2011 SPIE.

On the theory of the modulation instability in optical fiber amplifiers

The modulation instability (MI) in optical fiber amplifiers and lasers with anomalous dispersion leads to cw radiation breakup. This can be both a detrimental effect limiting the performance of amplifiers and an underlying physical mechanism in the operation of MI-based devices. Here we revisit the analytical theory of MI in fiber optical amplifiers. The results of the exact theory are compared with the previously used adiabatic approximation model, and the range of applicability of the latter is determined. © 2010 Optical Society of America.