外报阅读89Word文档下载推荐.docx

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Itpaystogive

Allowingconsumerstosettheirownpricescanbegoodforbusiness;

evenbetterifthefirmsgivesomeofittocharity

INOCTOBER2007Radiohead,aBritishrockgroup,releaseditsfirstalbuminfouryears,“InRainbows”,asadirectdigitaldownload.Themovedrewafairbitofattention（includingfromthisnewspaper）notonlybecauseitrepresentedatechnologicalthumbintheeyetothetraditionalmusicindustry,butalsobecausethebandallowedlistenerstopaywhatevertheywishedforit.Some60%ofthosewhoseizedtheopportunitypaidnothingatall,butthebandseemedpleasedwiththeresult;

oneestimatehaditearningnearly$3mfromtheexperiment.

OnegroupoutsidethemusicindustrytakinganinterestwasatrioofprofessorsthenattheRadySchoolofManagementattheUniversityofCalifornia,SanDiego:

AyeletGneezy,UriGneezyandLeifNelson（whoisnowattheHaasSchoolofBusinessattheUniversityofCalifornia,Berkeley）.Inspired,theydesignedaseriesofexperimentstogaugewhetherpay-what-you-wantpricingwouldworkforotherbusinesses.Theirmostrecentexperiment,co-authoredwithAmberBrownofDisneyResearchandpublishedinScience,alsostirredinanewelement:

woulditmakeanydifferenceiffirmsdonatedsomeofthepay-what-you-wantfeetocharity?

Theauthorssetuptheirpricingexperimentattheexitofaroller-coasterrideatalargeamusementpark.Riderswereofferedaphotographofthemselves,snappedmid-coast.Theusualpricewas$12.95,butononeday,ridersweretoldtheycouldpaywhattheywished,includingtakingthephotoforfree.Asecondgroupwaschargedthefullpricebuttoldthathalfthemoneywouldgotoawell-regardedhealthcharity.Yetathirdgroupcouldsetthepriceandseehalfoftheirchosenamountdonated.

Allowingcustomerstosetthepricedramaticallyincreasedthepercentageofbuyers—fromlessthan1%to8%.Evenaccountingforthosewhotookafreephoto,theamusementparkcollectedmorerevenueonthepay-what-you-wantdaythanwhensellingfortheusualfixedprice. 

Theauthorsalsofoundthatofthecustomerswhowereallowedtopaywhattheywant,thosewhoweretoldthathalfthemoneywouldgotoagoodcausepaidsubstantiallymorethanthosewhowerenottoldaboutthecharitabledonation—tothepointthatrevenuemorethantripled.（Thecharitydid,indeed,getitspromisedcut.）Thesmallestnumberofpurchases,meanwhile,camethedaythatcustomershadtopaythefull$12.95buthalfwasdonated. 

Thereforemorethansimplealtruismwasmotivatingthecustomerswhogavemoneyforaphototheycouldhavehadforfree.“Oneofthequirksaboutpayingwhatyouwant,”suggestsMrNelson,“isthatitstartstosignalsomethingaboutwhoyouare.Everydollaryouspendisadirectreflectionofhowmuchyoucareaboutthischarityandwhatkindofpersonyouare.Noonewantstogocheapwithacharity.”Hecallsthisphenomenon“sharedsocialresponsibility”:

insteadofpassivelyacceptingafirm’sassertionofitscharitabledonations,thecustomermustactivelyagreetogivemoneytocharity,anddeterminehowmuch.

Buthowwidespreadcouldsharedsocialresponsibilitybe?

MsGneezyisthefirsttopointoutthatcustomer-determinedpricingworksbestforproductswithlowmarginalcosts.Sincepublishingtheirfindings,theresearchershavespokentoseveralcompaniesinterestedinpursuingsimilarexperimentswiththeirproducts,includingsoftwaredevelopersandvideo-gamedesigners.Butofferingflexiblepricingonavirtualproductonline,insteadofinpersonatanamusementpark,maymakeiteasierforpeopleto“gocheap”evenifacharityisinvolved.Combiningcustomer-determinedpricing,corporatesocialresponsibility,andincreasedprofitswillbetrickytopulloff,andnoteverycompanywillbeabletodoit—justlikenoteverybandcanputtheiralbumonlineforfreeandstillprofit.

Passage2:

Whydofirmsexist?

RonaldCoase,theauthorof“TheNatureoftheFirm”（1937）,turns100onDecember29th

FORphilosophersthegreatexistentialquestionis:

“Whyistheresomethingratherthannothing?

”Formanagementtheoriststhemoremundaneequivalentis:

“Whydofirmsexist?

Whyisn’teverythingdonebythemarket?

”

Todaymostpeopleliveinamarketeconomy,andcentralplanningisrememberedasthegreatesteconomicdisasterofthe20thcentury.Yetmostpeoplealsospendtheirworkinglivesincentrallyplannedbureaucraciescalledfirms.Theystickwiththesameemployerforyears,ratherthanregularlyreturningtothejobsmarket.Theylabourtofulfilthe“strategicplans”oftheircorporatecommissars.JohnJacobAstor’sAmericanFurCompanymadehimtherichestmaninAmericainthe1840s.Butitneverconsistedofmorethanahandfulofpeople.TodayAstor’scompanywouldnotregisterasabliponthecorporatehorizon.Firmsroutinelyemploythousandsofworkersandmovebillionsofdollars-worthofgoodsandserviceswithintheirborders.

Whyhavethese“islandsofconsciouspower”survivedinthesurrounding“oceanofunconsciousco-operation”,toborrowaphrasefromD.H.Robertson,aneconomist?

Classicaleconomicshadlittletosayaboutthisquestion.AdamSmithopened“TheWealthofNations”withawonderfuldescriptionofthedivisionoflabourinapinfactory,buthesaidnothingaboutthebosseswhohiredthepin-makersorthemanagerswhoorganisedthem.Smith’ssuccessorssaidevenless,eitherignoringthepinfactoryentirelyortreatingitasatediousblackbox.Theypreferredtofocusonthesearatherthantheislands.

Whoknowsthesecretoftheblackbox?

Themanwhorestoredthepinfactorytoitsrightfulplaceattheheartofeconomictheorycelebrateshis100thbirthdayonDecember29th.TheeconomicsprofessionwasslowtorecogniseRonaldCoase’sgenius.HefirstexpoundedhisthinkingaboutthefirminalectureinDundeein1932,whenhewasjust21yearsold.Nobodymuchlistened.Hepublished“TheNatureoftheFirm”fiveyearslater.Itwentlargelyunread.

ButMrCoaselabouredonregardless:

asecondseminalarticleon“TheProblemofSocialCost”laidtheintellectualfoundationsofthederegulationrevolutionofthe1980s.Eventually,MrCoaseacquiredanarmyoffollowers,suchasOliverWilliamson,whofleshedouthisideas.In1991,aged80,hewasawardedaNobelprize.Farfromrestingonhislaurels,MrCoasewillpublishanewbookin2011,withNingWangofArizonaStateUniversity,on“HowChinaBecameCapitalist”.

Hiscentralinsightwasthatfirmsexistbecausegoingtothemarketallthetimecanimposeheavytransactioncosts.Youneedtohireworkers,negotiatepricesandenforcecontracts,tonamebutthreetime-consumingactivities.Afirmisessentiallyadeviceforcreatinglong-termcontractswhenshort-termcontractsaretoobothersome.Butifmarketsaresoinefficient,whydon’tfirmsgoongettingbiggerforever?

MrCoasealsopointedoutthattheselittleplannedsocietiesimposetransactioncostsoftheirown,whichtendtoriseastheygrowbigger.Theproperbalancebetweenhierarchiesandmarketsisconstantlyrecalibratedbytheforcesofcompetition:

entrepreneursmaychoosetolowertransactioncostsbyformingfirmsbutgiantfirmseventuallybecomesluggishanduncompetitive.

Howmuchlightdoes“TheNatureoftheFirm”throwontoday’scorporatelandscape?

TheyoungMrCoasefirstgrewinterestedintheworkingsoffirmswhenhetravelledaroundAmerica’sindustrialheartlandonascholarshipin1931-32.Heabandonedhistextbooksandaskedbusinessmenwhytheydidwhattheydid.Hehaslongchidedhisfelloweconomistsforscrawlinghieroglyphicsonblackboardsratherthanlookingatwhatitactuallytakestorunabusiness.Soitseemsreasonabletotesthisideasbythesameempiricalstandards.

MrCoase’stheorycontinuestoexplainsomeofthemostpuzzlingproblemsinmodernbusiness.Taketheriseofvastandhighlydiversifiedbusinessgroupsintheemergingworld,suchasIndia’sTatagroupandTurkey’sKocHolding.ManyWesternobserversdismisstheseasrelicsofaprimitiveformofcapitalism.Buttheymakeperfectsensewhenyouconsiderthetransactioncostsofgoingtothemarket.Wheretrustinestablishedinstitutionsisscarce,itmakessenseforcompaniestostretchtheirbrandsovermanyindustries.Andwherecapitalandlabourmarketsareinefficient,itmakesequalsenseforcompaniestoallocatetheirowncapitalandtraintheirownloyalists.

ButMrCoase’snarrowfocusontransactioncostsneverthelessprovidesonlyapartialexplanationofthepoweroffirms.Theriseoftheneo-Coasianschoolofeconomistshasledtoafiercebacklashamongmanagementtheoristswhochampionthe“resource-basedtheory”ofthefirm.Theyarguethatactivitiesareconductedwithinfirmsnotonlybecausemarketsfail,butalsobecausefirmssucceed:

theycanmarshalawiderangeofresources—particularlynebulousonessuchas“corporateculture”and“collectiveknowledge”—thatmarketscannotaccess.Companiescanorganiseproductionandcreateknowledgeinuniqueways.Theycanalsomakelong-termbetsoninnovationsthatwillredefinemarketsratherthanmerelysatisfydemand.MrCoase’stheoryof“marketfailure”needstobecomplementedbyatheoryof“organisationaladvantages”.

Allthisundoubtedlycomplicates“TheNatureoftheFirm”.ButitalsovindicatesthetwindecisionsthatMrCoasemadeallthoseyearsagoasayoungstudentattheLondonSchoolofEconomics:

tolookinsidetheblackboxratherthansimplyignoringit,andtoexaminebusinesses,notjustfiddlewiththeories.Isittoomuchtohopethatotherpractitionersofthedismalsciencewillfollowhisexampleandstudytherealwo