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.
A graduate textbook on microeconomics, covering decision theory, game theory, and the foundations of contract theory, with a unique focus on the empirical. This graduate-level text on microeconomics, covering such topics as decision theory, game theory, bargaining theory, contract theory, trade under asymmetric information, and relational contract theory, is unique in its emphasis on the interplay between theory and evidence. It reviews the microeconomic theory of exchange “from the ground up,” aiming to produce a set of models and hypotheses amenable to empirical exploration, with particular focus on models that are useful for the study of contracts, institutions, and organizations. It explores research that extends price theory to the exchange of commodities when markets are incomplete, discussing recent developments in the field. Topics covered include the relationship between theory and evidence; decision theory as it is used in contract theory and institutional design; game theory; axiomatic and strategic bargaining theory; agency theory and the class of models that are considered to constitute contract theory, with discussions of moral hazard and trade with asymmetric information; and the theory of relational contracts. The final chapter offers a nontechnical review that provides a guide to which model is the most appropriate for a particular application. End-of-chapter exercises help students expand their understanding of the material, and an appendix provides brief introduction to optimization theory and the welfare theorem of general equilibrium theory. Students are assumed to be familiar with general equilibrium theory and basic constrained optimization theory.
(E-book available via MyiLibrary) In even the most market-oriented economies, most economic transactions occur not in markets but inside managed organizations, particularly business firms. Organizational economics seeks to understand the nature and workings of such organizations and their impact on economic performance. The Handbook of Organizational Economics surveys the major theories, evidence, and methods used in the field. It displays the breadth of topics in organizational economics, including the roles of individuals and groups in organizations, organizational structures and processes, the boundaries of the firm, contracts between and within firms, and more.
Organization studies, although a relatively recent notion, has roots that go back at least to the early days of the twentieth century. The study of how people construct organizations, how they use the structures, processes, and practices that they have designed, and how these, in turn, use people, organize social relations, construct institutions, organize them, and, consecutively, enable them to organize us—has matured along multiple fronts. Over the last two decades more diverse approaches, drawing on more qualitative and ethnographic styles of research, have predominated. This Encyclopedia represents both the older and the newer styles of work, with their respective concerns. The International Encyclopedia of Organization Studies is the definitive description of the field, spanning individual, organizational, societal, and cultural perspective in a cross-disciplinary manner. The old model of a North American core exporting its domain assumptions to the rest of the world, while by no means absent, is less marked than it used to be. Thus, editors Stewart R. Clegg and James R. Bailey have sought to capture much of the cutting-edge thinking that characterizes the best scholarship—in the United States and elsewhere. The Encyclopedia is thoroughly cross-referenced, and entries are based around a series of broad themes. Key Features Offers a comprehensive overview of many of the major ideas, concepts, terms, and approaches that characterize this diverse field of organization studies Illustrates the fluidity, dynamism, and innovation that now occur in organization studies—internationally Brings together a team of international contributors from the fields of management, psychology, sociology, communications, education, political science, public administration, anthropology, law, and other related areas Examines how organizations are devices for structuring life and lives are structured by organizations Key Themes Approaches to Organization Theory Approaches to Management Theory Culture and Symbolism Human Resource Management International Approaches Issues in Organization Practices Issues in Organizational Structure Innovation and Creativity Knowledge and Learning Leadership Theory Organizational Behavior Organizational Cognition, Change, and Communication Organizational Economics Organizational Relations Organizational Power, Politics, and Conflict Philosophy of Organizations Research Practice and Methodology Social Issues Teams Technologies The International Encyclopedia of Organization Studies is the premier reference tool for students, educators, scholars, and practitioners to gather knowledge about a range of important topics from the unique perspective of organization studies with extensive international representation.
Consisting of 30 concise chapters written by top scholars, this Research Agenda probes the knowledge frontiers of issues long at the forefront of New Institutional Economics (NIE), including government, contracts and property rights. It examines pressing research questions surrounding norms, culture, and beliefs. It is designed to inform and inspire students and those starting their careers in economics, law and political science. Well-established scholars will also find the book invaluable in updating their understanding of crucial research questions and seeking new areas to explore.
"Policy-makers often call for expanding public spending on infrastructure, which includes a broad range of investments from roads and bridges to digital networks that will expand access to high-speed broadband. Some point to near-term macro-economic benefits and job creation, others focus on long-term effects on productivity and economic growth. This volume explores the links between infrastructure spending and economic outcomes, as well as key economic issues in the funding and management of infrastructure projects. It draws together research studies that describe the short-run stimulus effects of infrastructure spending, develop new estimates of the stock of U.S. infrastructure capital, and explore the incentive aspects of public-private partnerships (PPPs). A salient issue is the treatment of risk in evaluating publicly-funded infrastructure projects and in connection with PPPs. The goal of the volume is to provide a reference for researchers seeking to expand research on infrastructure issues, and for policy-makers tasked with determining the appropriate level of infrastructure spending"--
"Innovation and entrepreneurship are ubiquitous today, both as fields of study and as starting points for conversations among experts in government and economic development. But while these areas on continue to attract public and private investments, many measurements of their resulting economic growth-including productivity growth and business dynamism-have remained modest. Why this difference? Because not all business sectors are the same, and the transformative gains of some industries have been offset by stagnation or contraction in others. Accordingly, a nuanced understanding of the economy requires a nuanced understanding of where innovation and entrepreneurship occur and where they matter. Answering these questions allows for strategic public investment and the infrastructure for economic growth.The Role of Innovation and Entrepreneurship in Economic Growth, the latest entry in the NBER conference series, seeks to codify these answers. The editors leverage industry studies to identify specific examples of productivity improvements enabled by innovation and entrepreneurship, including those from new production technologies, increased competition, new organizational forms, and other means. Taken together, the volume illuminates whether the contribution of innovation and entrepreneurship to economic growth is likely to be concentrated, be it selected sectors or more broadly"--
All organizations, institutions, business processes, markets and strategies have one aim in common: the reduction of transaction costs. This aim is pursued relentlessly in practice, and has been perceived to bring about drastic changes, especially in the recent global market and the cyber economy. This book analyzes and describes “transactions” as a model, on the basis of which organizations, institutions and business processes can be appropriately shaped. It tracks transaction costs to enable a scientific approach instead of a widely used “state-of-the-art” approach, working to bridge the gap between theory and practice. This open access book analyzes and describes “transactions” as a model...
A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.
Why isn't the whole world developed? This toolkit for institutional analysis explains how rules affect the performance of countries, firms, and even families.
