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Special Report on

Oliver Williamson and asset specificity

oliver williamson and asset specificity special research report Photo by www.compositesworld.com
rather than economics per se.  It's another homage to the New Institutional Economics and also to Law and Economics.  It's rewarding larger rather than smaller ideas, practical economics rather than abstract theory.  It's a prize somewhat outside of the mainstream.  As you probably know by now, Ostrom is a political scientist and she has spent much of her career at Indiana University. I was delighted to hear of Ostrom winning (which I had not expected) but frankly it makes the omission of Gordon Tullock all the more glaring. Here are interviews with Elinor Ostrom ...
REVIEWS AND OPINIONS
Book Review – The Economic Institutions Of Capitalism By Oliver ...
In this book, Williamson presents a refined and elaborated version of his transaction cost theory that he had first outlined in his 1975 book Markets and Hierarchies: Analysis and Anti-trust Implications. His book attempts to systematically examine those economic issues that classical economic theory simply assumes away. The classical economics believes that markets are perfect, and if they are not then the action to remove market failures needs to be initiated. Williamson, on the other hand, focuses on these economic issues that are acknowledged to be widely prevalent in any economic system. “If complexity is deep in the ... market research, surveys and trends
The Voice Imitator: Oliver Williamson: The Economic Institutions ...
is one of the foundational works of transaction cost economics and the New Institutional Economics. Transaction cost economics argues that the economic institutions of capitalism, including firms, markets, and relational contracting, serve “the main purpose and effect of economizing on transaction costs.” According to Williamson, “A transaction occurs when a good or service is transferred across a technologically separable interface. One stage of activity terminates and another begins.” Transaction costs appear whenever there is “friction” at the point of interface. In other words, ... market research, surveys and trends

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OLIVER WILLIAMSON AND ASSET SPECIFICITY

ASSET SPECIFICITY AND TRANSACTION STRUCTURES: A CASE STUDY OF ...
transaction cost economics, including among others: Oliver E. Williamson ..... @ Home Corporation, supra note 3, at 5 and see Frank Rose, The $7 Billion Delusion ..... For an analysis of coal plants and asset specificity see ...... 107 World Wide Wait 60 Percent Shorter, WIRED (March 11, 1998) available at www.wired ... industry trends, business articles and survey research
When And When Not To Vertically Integrate - Research and Read ...
VERTICAL INTEGRATION can be a highly important strategy, but it is notoriously difficult to implement successfully and -- when it turns out to be the wrong strategy -- costly to fix. Management's track record on vertical integration decisions is not good.(1) This article is intended to help managers make better integration decisions. It discusses when to vertically integrate, when not to integrate, and when to use alternative, quasi-integration strategies. Finally, it presents a framework for making the decision. When to integrate "Vertical integration" is simply a means of coordinating the different stages of an ... industry trends, business articles and survey research
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INFORMATION RESOURCES

PII: 0167-7187(85)90030-X
M.H. Riordan and O.E. Williamson, Asset specificity and economic organization. Williamson, Oliver, 1975, Markets and hierarchies: Ana!ysis and antitrust ... technology research, surveys study and trend statistics
CONTRACT ENFORCEMENT AND ECONOMIC PERFORMANCE
(attended by the sacrifice of asset specificity and resulting loss of productive ... Legal centralism is the phrase Oliver Williamson (1983) has used to ... technology research, surveys study and trend statistics
Transaction Cost Analysis (Resources)
The lower the transaction costs associated with a particular contractual assembly of inputs, the more likely self-interested individuals will choose that method of organizing production. (K.Leffler) Internet: Clippings: NOBEL WINNER COASE BLENDS THEORIES OF ECONOMICS, LAW Boston Globe, Wednesday, October 16, 1991, By David Warsh, Globe Staff In "The Nature of the Firm," published in 1937, Coase broached for the first time the idea of transaction costs. It was as if he had identified a new kind of "elementary particle," the Nobel citation said yesterday. Quite aside from production costs, Coase argued, ...
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OLIVER WILLIAMSON AND ASSET SPECIFICITY
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