The reduction in the compensation of existing management may nonetheless be insufficient to keep this management in the managing game. The owner, when he was manager, was prepared to accept some reduction in pecuniary income because he consumed on-the-job amenities, and he preferred this to higher take-home compensation because his utility from such consumption is time and place specific. Because he sacrifices this specificity when he consumes at home, he will insist on a greater reduction in the compensation of hired management than he was prepared to accept when he managed the firm; now it is hired management, not he, that enjoys these time- and place-specific amenities. He will ask a greater financial sacrifice from such a management than he would have asked of himself, were he managing, if he is to be just as well off consuming at home. The net result of his becoming a specialized owner, therefore, may very well be a reduction in on-the-job consumption.