@@ -147,7 +147,7 @@ have been undertaken and $t=1$ indicating that the good is complete.
|
147 | 147 | The subcontracting scheme by which tasks are allocated across firms is illustrated in the figure below |
148 | 148 | |
149 | 149 | ```{figure} /_static/lecture_specific/coase/subcontracting.png |
150 | | - |
| 150 | +:align: center |
151 | 151 | ``` |
152 | 152 | |
153 | 153 | In this example, |
@@ -167,7 +167,7 @@ At this point, production unfolds in the opposite direction (i.e., from upstream
|
167 | 167 | The length of the interval of stages (range of tasks) carried out by firm $i$ is denoted by $\ell_i$. |
168 | 168 | |
169 | 169 | ```{figure} /_static/lecture_specific/coase/allocation.png |
170 | | - |
| 170 | +:align: center |
171 | 171 | ``` |
172 | 172 | |
173 | 173 | Each firm chooses only its *upstream* boundary, treating its downstream boundary as given. |
|