Abstract
In a world of uncertainty, particular benefits of multiproduct organization arise out of a need to revise production plans. When transactions for inputs are costly, production involves inputs which are firm-specific. The ability to transfer firm-specific inputs withi n the multiproduct firm yields benefits not available to the single product firm. These benefits to firm diversification are not dependent on the assumption of managerial risk aversion and cannot be replicated by investors diversifying their portfolios.
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