Description
Book Synopsis`Not too long ago it was possible to be familiar with all of the important works and latest developments in transaction cost economics. That that is no longer the case is a testament to the intellectual appeal and empirical success of the transaction cost approach. For newcomers, the entries in this volume, by some of TCE's most knowledgeable and eloquent contributors, offer an excellent introduction to the issues, methods, discoveries, and debates in the field; for veterans, the volume provides a highly valuable resource for catching on newest research.'
- Scott E. Masten, University of Michigan School of Business, US
Since its emergence in the 1970s, transaction cost economics (TCE) has become a leading approach in the research on contracts, firm organization and strategy, antitrust, marketing, inter-firm collaboration and entrepreneurship. With contributions by leading scholars in economics, law and business administration - including Oliver E. Williamson, recipient of the 2009 Nobel Prize in economics for his development of the transaction cost approach - this volume reviews the latest developments in TCE and applies them to contemporary theoretical and empirical problems.
Beginning with an introductory essay by the editors, the book covers precursors and influences, core concepts, applications, alternatives and critiques. The contributing authors describe, extend and assess the transaction cost approach to economic organization, and examine the role of TCE in the larger legal, economic, and managerial literatures on organizations and institutions. An original and comprehensive volume, the Companion introduces the novice and informs the specialist about TCE's fundamental elements, recent controversies and new developments.
An accessible and astute delineation of how transaction cost economics offers important and unique insights into key organizational, managerial and societal issues of our day, the Companion will be of particular interest to practitioners of business law and antitrust, corporate executives and management consultants. Additionally, academic researchers, scholars and students of economics, business and law will find it an invaluable reference.
Trade Review‘Not too long ago it was possible to be familiar with all of the important works and latest developments in transaction cost economics. That that is no longer the case is a testament to the intellectual appeal and empirical success of the transaction cost approach. For newcomers, the entries in this volume, by some of TCE’s most knowledgeable and eloquent contributors, offer an excellent introduction to the issues, methods, discoveries, and debates in the field; for veterans, the volume provides a highly valuable resource for catching up on the newest research.’ -- Scott E. Masten, University of Michigan, School of Business, US
Table of ContentsContents: PART I: INTRODUCTION 1. Editors’ Introduction Peter G. Klein and Michael E. Sykuta 2. Transaction Cost Economics: An Overview Oliver E. Williamson 3. Transaction Cost Economics and the New Institutional Economics Peter G. Klein PART II: PRECURSORS AND INFLUENCES 4. Ronald H. Coase Michael E. Sykuta 5. Cyert, March, and the Carnegie School Mie Augier 6. Chester Barnard Joseph T. Mahoney 7. Commons, Hurst, Macaulay, and the Wisconsin Legal Tradition D. Gordon Smith 8. F.A. Hayek Peter G. Klein 9. Herbert Simon Saras Sarasvathy 10. Property Rights Economics Nicolai J. Foss PART III: FUNDAMENTAL CONCEPTS 11. The Costs of Exchange Alexandra Benham and Lee Benham 12. Asset Specificity and Holdups Benjamin Klein 13. The Transaction as the Unit of Analysis Nicholas Argyres 14. Bounded Rationality and Organizational Economics Nicolai J. Foss 15. Economizing and Strategizing Jackson A. Nickerson and James C. Yen 16. Empirical Methods in Transaction Cost Economics Michael E. Sykuta PART IV: APPLICATIONS 17. Vertical Integration Peter G. Klein 18. Hybrid Organizations Claude Ménard 19. Franchising Steven C. Michael 20. The Structure of Franchise Contracts Emmanuel Raynaud 21. Strategy and Transaction Costs Laura Poppo 22. Labour Economics and Human Resource Management Bruce A. Rayton 23. The Chicago School, Transaction Cost Economics, and Antitrust Joshua D. Wright 24. Financial-Market Contracting Dean V. Williamson PART V: ALTERNATIVES AND CRITIQUES 25. Critiques of Transaction Cost Economics: An Overview Nicolai J. Foss and Peter G. Klein 26. Subjectivism, Understanding, and Transaction Costs Fu-Lai Tony Yu 27. Austrian Economics and the Theory of the Firm Nicolai J. Foss and Peter G. Klein 28. Limits of Transaction Cost Analysis Geoffrey M. Hodgson Index
