Firms, Markets and Hierarchies: The Transaction Cost Economics Perspective

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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.
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Product Details

  • ISBN-13: 9780195119510
  • Publisher: Oxford University Press, USA
  • Publication date: 1/28/1999
  • Edition description: New Edition
  • Pages: 552
  • Lexile: 1540L (what's this?)
  • Product dimensions: 6.00 (w) x 9.30 (h) x 1.40 (d)

Meet the Author

Glenn R. Carroll is Paul J. Cortese Professor of Management and David J. Teece is Mitsubishi Bank Professor, both in the Haas School of Business at the University of California at Berkeley.

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Table of Contents

Ch. 1 Firms, Markets, and Hierarchies: Introduction and Overview 3
Ch. 2 The Vertical Integration of Production: Market Failure Considerations 17
Ch. 3 Some Reflections 32
Ch. 4 About Oliver E. Williamson 37
Ch. 5 Transaction Cost Economics: Its Influence on Organizational Theory, Strategic Management, and Political Economy 60
Ch. 6 Empirical Research in Transaction Cost Economics: A Review and Assessment 89
Ch. 7 Markets and Hierarchies and Mathematical Economic Theory 121
Ch. 8 Technical Information and Industrial Structure 156
Ch. 9 Financing of Investment in Eastern Europe: A Theoretical Perspective 164
Ch. 10 Revisiting Legal Realism: The Law, Economics, and Organization Perspective 197
Ch. 11 Introducing Competition into Regulated Network Industries: From Hierarchies to Markets in Electricity 237
Ch. 12 Institutions and Commitment 279
Ch. 13 Mitigating Procurement Hazards in the Context of Innovation 311
Ch. 14 The Study of Organizations and Evolving Organizational Forms through History: Reflections from the Late Medieval Family Firm 334
Ch. 15 Corporate Law and Corporate Governance 365
Ch. 16 The Road Taken: Origins and Evolution of Employment Systems in Emerging Companies 428
Ch. 17 Inertia and Change in the Early Years: Employment Relations in Young, High-Technology Firms 465
Ch. 18 Creative Self-Destruction among Organizations: An Empirical Study of Technical Innovation and Organizational Failure in the American Automobile Industry, 1885-1981 499
Author Index 525
Subject Index 532
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