Exit vs Voice

 Hace poco contaba como una de las ideas más originales de A. O. Hirschman era la de "exit vs voice", es decir, el análisis de cuándo la queja o la salida son mejores estrategias frente al comportamiento empresarial. Por eso me ha gustado ver cómo, unos cuantos años más tarde, Broccardo, Hart y Zingales retoman la cuestión ahora que el activismo socioambiental está tan de moda en las grandes corporaciones:

We study the relative effectiveness of exit (divestment and boycott) and voice (engagement) strategies in a world where companies generate externalities and some agents care about the social impact of their decisions. We show that if the majority of investors are even slightly socially responsible, voice achieves the socially optimal outcome. In contrast, exit does not unless everybody is significantly socially responsible. If the majority of investors are purely selfish, exit is a more effective strategy, but neither strategy generally achieves the first best. We also show that exit can sometimes reduce social welfare.