Contract Governance And Transaction Cost Economics
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Contract Governance And Transaction Cost Economics
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Author : Oliver E Williamson
language : en
Publisher: World Scientific
Release Date : 2017-03-24
Contract Governance And Transaction Cost Economics written by Oliver E Williamson and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-24 with Business & Economics categories.
This book brings together a collection of seven papers on Transaction Cost Economics by Nobel Laureate Professor Oliver E Williamson. The applications of Transaction Cost Economics are extensive, ranging from the field of industrial organization and applied fields of economics such as labor, public finance, comparative economic systems and economic development, to the business fields of strategy, organizational behavior, marketing, finance, operations management, and accounting. In short, as Williamson states, "any problem that originates as or can be reformulated as a contracting problem can be examined to advantage in transaction cost economizing terms." What is referred to as New Institutional Economics is developed in the West in two mainly complementary ways: Property Rights Theory, and Transaction Cost Economics. Of the two, Property Rights Theory developed more rapidly. Transaction Cost Economics has nonetheless taken shape of late. In China, research on New Institutional Economics began in the 1990s and has grown rapidly since. China has similarly given much more attention to Property Rights Theory. Gengxuan Chen, the editor of this volume, recommends that China will benefit by bringing Transaction Cost Economics to bear. Simultaneously, for scholars who study the market economy, Transaction Cost Economics provides a very attractive way to explain the practice of the Chinese market economy.
The Mechanisms Of Governance
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Author : Oliver E. Williamson
language : en
Publisher: Oxford University Press
Release Date : 1996-02-29
The Mechanisms Of Governance written by Oliver E. Williamson and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-02-29 with Business & Economics categories.
This book brings together in one place the work of one of our most respected economic theorists, on a field in which he has played a large part in originating: the New Institutional Economics. Transaction cost economics, which studies the governance of contractual relations, is the branch of the New Institutional Economics with which Oliver Williamson is especially associated. Transaction cost economics takes issue with one of the fundamental building blocks in microeconomics: the theory of the firm. Whereas orthodox economics describes the firm in technological terms, as a production function, transaction cost economics describes the firm in organizational terms, as a governance structure. Alternative feasible forms of organization--firms, markets, hybrids, bureaus--are examined comparatively. The analytical action resides in the details of transactions and the mechanisms of governance. Transaction cost economics has had a pervasive influence on current economic thought about how and why institutions function as they do, and it has become a practical framework for research in organizations by representatives of a variety of disciplines. Through a transaction cost analysis, The Mechanisms of Governance shows how and why simple contracts give way to complex contracts and internal organization as the hazards of contracting build up. That complicates the study of economic organization, but a richer and more relevant theory of organization is the result. Many testable implications and lessons for public policy accrue to this framework. Applications of both kinds are numerous and growing. Written by one of the leading economic theorists of our time, The Mechanisms of Governance is sure to be an important work for years to come. It will be of interest to scholars and students of economics, organization, management, and law.
Firms Markets And Hierarchies
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Author : Glenn R. Carroll
language : en
Publisher: Oxford University Press
Release Date : 1999-01-28
Firms Markets And Hierarchies written by Glenn R. Carroll and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-28 with Business & Economics categories.
This book examines transaction cost economics, the influential theoretical perspective on organizations and industry that was the subject of Oliver Williamson's seminal book,Markets and Hierarchies (1975). Written by leading economists, sociologists, and political scientists, the essays collected here reflect the fruitful intellectual exchange that is occurring across the major social science disciplines. They examine transaction cost economics' general conceptual orientation, its specific theoretical propositions, its applications to policy, and its use in systematic empirical research. The chapters include classic texts, broad review essays, reflective commentaries, and several new contributions to a wide range of topics, including organizations, regulations and law, institutions, strategic management, game theory, entrepreneurship, innovation, finance, and technical information. The book begins with an overview of theory and research on transaction cost economics, highlighting the specific accomplishments of scholars working within the perspective and emphasizing the enormous influence that transaction cost reasoning exerts on the social sciences. The following section covers conceptual uses for the transaction cost framework and major theoretical or methodological elements within it, such as bounded rationality. While advancing some interesting theoretical propositions, these chapters are in fact more ambitious: each examines a specific field, area, or research program and attempts to fashion a new way of thinking about research questions. In the section on industrial applications, contributors study the application of transaction cost theory to a range of problems in utilities, telecommunications, laser printing, and early international trade. The book closes with four microanalytical chapters that delve into the structures and behaviors of specific aspects of firms and organizations: boards of directors, equity structures, employment models, human resource policies and practices, technology strategies, and innovation events. Firms, Markets, and Hierarchies collects excellent social science work on transaction cost economics, taking stock of its status, charting its future development, and fostering its renewal and evolution.
The Transaction Cost Economics Project
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Author : Oliver E. Williamson
language : en
Publisher: Edward Elgar Publishing
Release Date : 2013
The Transaction Cost Economics Project written by Oliver E. Williamson and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Industrial organization (Economic theory). categories.
Transaction cost economics has and continues to be a fruitful area of research. There is still much to be done in the field with past research being used in conjunction with the vast number of contractual phenomena that have yet to be investigated in transaction cost economics terms. New challenges are posed by the need to move beyond the design of new contractual instruments (such as financial derivatives) to include an examination of the lurking hazards that attend contract implementation.
The Economic Institutions Of Capitalism
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Author : Oliver E. Williamson
language : en
Publisher:
Release Date : 2009
The Economic Institutions Of Capitalism written by Oliver E. Williamson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This study is based on the belief that economic organization is shaped by transaction cost economizing decisions. It sets out the basic principles of transaction cost economics, applies the basic arguments to economic institutions, and develops public policy implications. Any issue that arises, or can be recast as a matter of contracting, is usefully examined in terms of transaction costs. Transaction cost economics maintains that governance of contractual relations is mainly achieved through institutions of private ordering instead of legal centralism. This approach is based on behavioral assumptions of bounded rationalism and opportunism, which reflect actual human nature. These assumptions underlie the problem of economic organization: to create contract and governance structures that economize on bounded rationality while safeguarding transactions against the hazards of opportunism. The book first summarizes the transaction cost economics approach to the study of economic organization. It develops the underlying behavioral assumptions and the types of transactions; alternative approaches to the world of contracts are presented. Assuming that firms are best regarded as a governance structure, a comparative institutional approach to the governance of contractual relations is set out. The evidence, theory, and policy of vertical integration are discussed, on the basis that the decision to integrate is paradigmatic to transaction cost analysis. The incentives and bureaucratic limits of internal organization are presented, including the dilemma of why a large firm can't do everything a collection of small firms can do. The economics of organization in presented in terms of transaction costs, showing that hierarchy also serves efficiency and permits a variety of predictions about the organization of work. Efficient labor organization is explored; on the assumption that an authority relation prevails between workers and managers, what governance structure supports will be made in response to various types of job attributes are discussed, and implications for union organization are developed. Considering antitrust ramifications of transaction cost economics, the book summarizes transaction cost issues that arise in the context of contracting, merger, and strategic behavior, and challenges earlier antitrust preoccupation with monopoly. (TNM).
Governance Of International Strategic Alliances
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Author : Joanne E. Oxley
language : en
Publisher: Routledge
Release Date : 2012
Governance Of International Strategic Alliances written by Joanne E. Oxley and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
By bringing rigorous empirical analysis to an arena which has largely been pursued through speculative and theoretical approaches, this book provides an insightful contribution to international business, strategy, and economics.
Transaction Cost Economics
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Author : Claude Ménard
language : en
Publisher:
Release Date : 1997
Transaction Cost Economics written by Claude Ménard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business & Economics categories.
This text deals with some of the most fundamental issues of transaction cost economics. It focuses on the analysis of the internal nature and characteristics of organizations and of the subtle interactions between institutional environment and governance structures over time.
Governance Of International Strategic Alliances Rle International Business
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Author : Joanne Oxley
language : en
Publisher: Routledge
Release Date : 2013-01-04
Governance Of International Strategic Alliances Rle International Business written by Joanne Oxley and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-04 with Business & Economics categories.
International joint ventures and strategic alliances built on recent theoretical developments in Transaction Costs Economics (TCE) and the factors influencing the formation and governance of these alliances are examined in this analytical text. By bringing rigorous empirical analysis to an arena which has largely been pursued through speculative and theoretical approaches, this book will prove to be an insightful contribution to international business, strategy, and economics.
The Economics Of Transaction Costs
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Author : Oliver E. Williamson
language : en
Publisher: Edward Elgar Publishing
Release Date : 1999
The Economics Of Transaction Costs written by Oliver E. Williamson and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
Transaction cost economics began to take shape around 1970 and has since been established as an essential tool used to illuminate a wide range of problems in economics and other social sciences. This reader presents articles which together form the foundations of research in transaction cost economics.
New Ideas In Contracting And Organizational Economics Research
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Author : Harvey S. James
language : en
Publisher:
Release Date : 2005
New Ideas In Contracting And Organizational Economics Research written by Harvey S. James and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
Research on contracting and organisational economics is progressing at a rapid pace. Nevertheless, what new ideas are needed in order to advance the frontiers of contracting and organisations research in ways that prove beneficial to society? This new book brings together scholars from around the world who have new ideas on the economics of contracts and organisations, otherwise known as transaction cost economics. The book is divided into three main sections. The first section presents ideas for improving the theoretical and empirical research in transaction cost economics. The second section shows how transaction cost economics informs on two important business issues -- corporate contracting and information technology (IT) operations. The third section presents alternative frameworks for examining contracting, organisational, and regulatory problems.