Transaction Cost Economics and Beyond

Transaction Cost Economics and Beyond

Author: Michael Dietrich

Publisher: Routledge

Published: 2008-01-28

Total Pages: 201

ISBN-13: 1134909829

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In recent years transaction cost economics have come to dominate the discussion of the nature and organization of firms. In Transaction Costs Economics and Beyond Michael Dietrich offers a critical exploration of transaction costs. He argues that whilst they have much to offer, they are still an inadequate basis for a general theory of the firm. Drawing on theories of organizational behaviour as well as economics, he concludes by offering a theory of the firm that allows for both hierarchical and creative decision making.


Transaction Cost Economics and Beyond

Transaction Cost Economics and Beyond

Author: John Groenewegen

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 387

ISBN-13: 9400918003

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This book contains the papers that were presented in 1994 at the conference "Transaction Cost Economics and Beyond" organized by GRASP at the Tinbergen Institute in Rotterdam. It is generally recognized that transaction cost economics (TCE) is at the heart of the new theory of the firm. It is a well established research program with a well developed theoretical framework and good results in empirical testing. However, critics consider the approach too limited to understand the essential characteristics of such complex organizations like firms. Critics plea convincingly for the need to go beyond the original TCE framework and to develop a more pluralistic approach towards issues of economic organization. The new theory of the firm can only be further developed when scholars are willing to debate the issues in an open-minded, academic way. I thank the participants of the conference very much for putting so much effort in writing their papers and for their contribution to an open and stimulating discussion. It is my wish that this book contributes to the further deve lopment of the theory of the firm and that it helps us to a better understan ding of the complexities of economic organization. I would like to thank the following organizations for their support: the Tinbergen Institute, the "Vereniging Trust Fonds" of the Erasmus University, the Faculty of Economics of the Erasmus University, and GRASP (Group for Research and Advice in Strategic management and Industrial Policy).


The Transaction Cost Economics Project

The Transaction Cost Economics Project

Author: Oliver E. Williamson

Publisher: Edward Elgar Publishing

Published: 2013

Total Pages: 0

ISBN-13: 9780857938756

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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.


Toward Behavioral Transaction Cost Economics

Toward Behavioral Transaction Cost Economics

Author: George Z. Peng

Publisher: Springer Nature

Published: 2020-10-26

Total Pages: 386

ISBN-13: 303046878X

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Adopting a critical realist position, this book renders transaction cost economics (TCE) into a behavioral theory of organizational decision-making by foregrounding psychological processes and introducing and integrating with effectuation theory. Consistent with its behavioral agenda, the book introduces the concept of uncertainty controllability and provides a clearer conceptualization and a novel modeling strategy of bounded rationality based on the conceptual separation of cognitive bounds from psychological ‘rationalizing.’ The book inspires new insights into the significance of cultural distance (CD). Based on the understanding that culture is socially-extended cognition, the author re-conceptualizes CD as reflecting cognitive bounds, and uses the biases arising from CD to contextualize effectuation and deepen the flat ontology of both TCE and effectuation theory. The book presents a full two-sided behavioral framework of organizational decision-making, with behavioral TCE and behavioral real options theory complementing each other to complete the full behavioral picture. Both sides are further linked to organizational learning, which reduces biases over time and thus drives governance structures toward more rational directions. The full framework uses prospect theory as the overarching theory that determines which side of the behavioral framework is relevant for the uncertainty of concern based on the different problem frames resulting from different degrees of uncertainty controllability. Because effectuation can take place on both sides of the framework based on competing risk logics, prospect theory serves to harmonize inconsistencies in the effectuation literature as a side note. This book applies the behavioral TCE side of the framework to the study of MNC subsidiary ownership decision-making process using a dataset of over 10,000 Japanese subsidiaries founded in 43 host countries. It concludes with a discussion of implications and future directions for TCE in general and international business in particular.


Transaction Cost Management

Transaction Cost Management

Author: Chihiro Suematsu

Publisher: Springer

Published: 2014-08-07

Total Pages: 273

ISBN-13: 331906889X

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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...


Beyond Price

Beyond Price

Author: Michael Hutter

Publisher: Cambridge University Press

Published: 2008

Total Pages: 299

ISBN-13: 052186223X

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This book explores the tensions between economic and cultural value from a range of disciplines.


Economic Foundations of Strategy

Economic Foundations of Strategy

Author: Joseph T. Mahoney

Publisher: SAGE

Published: 2005

Total Pages: 273

ISBN-13: 1412905435

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The theoretical foundations of management strategy are identified and outlined in this text. Five theories are considered in the light of questions about how organisations operate efficiently, cost minimization, wealth creation, individual self-interest, and continued growth.


Information Systems and Outsourcing

Information Systems and Outsourcing

Author: Mary Cecelia Lacity

Publisher: Palgrave MacMillan

Published: 2008-11-19

Total Pages: 472

ISBN-13:

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Information Systems and Outsourcing covers nearly 20 years of leading theoretical and practical research on IT outsourcing by the two authors and their global network of 11 distinguished contributing authors. The book is organized chronologically to clearly show the evolution of theory and practice over time. The authors comment on which findings remain critically relevant versus which findings have considerably progressed. The book explores how good IT outsourcing theories shape practice and how effective IT outsourcing practices inform theory. The authors stress, through their own empirical work, the importance of critically examining theories borrowed from economics, strategy, and sociology to study IT outsourcing. The practice studies, based on over 500 case studies, explore the decision processes and management practices associated with domestic, offshore, and global sourcing of IT services from both client and supplier perspectives.


Applied Economics

Applied Economics

Author: Thomas Sowell

Publisher: Basic Books (AZ)

Published: 2004

Total Pages: 270

ISBN-13: 9780465081431

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A companion volume to Basic Economics discusses the application of economics to such world problems as medical care, discrimination, and the development of nations, examining economic policies in terms of their immediate and longer-term repercussions.


The Economic Nature of the Firm

The Economic Nature of the Firm

Author: Randall S. Kroszner

Publisher: Cambridge University Press

Published: 2009-09-21

Total Pages: 664

ISBN-13: 1316025233

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This book brings together classic writings on the economic nature and organization of firms, including works by Ronald Coase, Oliver Williamson, and Michael Jensen and William Meckling, as well as more recent contributions by Paul Milgrom, Bengt Holmstrom, John Roberts, Oliver Hart, Luigi Zingales, and others. Part I explores the general theme of the firm's nature and place in the market economy; Part II addresses the question of which transactions are integrated under a firm's roof and what limits the growth of firms; Part III examines employer-employee relations and the motivation of labor; and Part IV studies the firm's organization from the standpoint of financing and the relationship between owners and managers. The volume also includes a consolidated bibliography of sources cited by these authors and an introductory essay by the editors that surveys the new institutional economics of the firm and issues raised in the anthology.