Search results for ""Author Oliver E. Williamson""

Oliver Williamson is one of the most important industrial economists of our time. He has made a major contribution to economic scholarship and remains at the forefront of research into transaction costs and the theory of the firm. In this volume he has provided a very careful selection of what he considers to be the most important articles and papers in industrial organization. Featuring 23 articles, dating from 1937 to 1987, this collection includes papers by Kenneth J. Arrow, Ronald H. Coase, Franco Modigliani, Michael Rothschild, Herbert A. Simon, George J. Stigler and Joseph Stiglitz.The first part presents classic articles which supplied the foundations upon which the field of industrial economics was built. The second and third parts present papers on the new economics of organization and a revitalized theory of strategic behaviour and competition. Professor Williamson submits that a new science of organisation is taking shape to which industrial economics has been both a principle contributor and beneficiary. Now available in paperback, this important volume will be indispensable to all teachers, researchers and students concerned with modern industrial economics and the theory of the firm.

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The presence of transaction costs greatly modifies the traditional picture of the allocation of resources through the market. It gives rise to many phenomena inexplicable in the simple market view and to problems of government policy. Oliver Williamson has been a leading figure in this analysis. His interpretations of corporate governance and of the complementarity between internal controls and the market have been the most profound in the literature. It is good that his leading essays are now available in collected form.'- Kenneth J. Arrow, Stanford University, US'Oliver Williamson's contributions to economics are certainly among the most important of the past several decades, and their importance will be increasingly recognized as economists come to grips with all that he has accomplished. This collection provides an unparalleled view of those contributions, and it belongs on the bookshelf of everyone who wants to understand complex economic transactions.'- David Kreps, Stanford University, US'This book provides a terrific opportunity to have a collection of Oliver Williamson's best papers on transaction cost economics all in one convenient volume.'- Paul L. Joskow, Alfred P. Sloan Foundation and MIT'Williamson's work on transaction cost economics has shaped the thinking of all social scientists about organizations and institutions. This volume reprints many of his seminal papers on the subject, and is valuable both as commemoration and for reference.'- Avinash Dixit, Princeton University, USTransaction 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.This important collection brings together Professor Williamson's key papers on transaction cost economics. It will be of benefit to academics, scholars and practitioners with an interest in this progressive subject.

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The presence of transaction costs greatly modifies the traditional picture of the allocation of resources through the market. It gives rise to many phenomena inexplicable in the simple market view and to problems of government policy. Oliver Williamson has been a leading figure in this analysis. His interpretations of corporate governance and of the complementarity between internal controls and the market have been the most profound in the literature. It is good that his leading essays are now available in collected form.'- Kenneth J. Arrow, Stanford University, US'Oliver Williamson's contributions to economics are certainly among the most important of the past several decades, and their importance will be increasingly recognized as economists come to grips with all that he has accomplished. This collection provides an unparalleled view of those contributions, and it belongs on the bookshelf of everyone who wants to understand complex economic transactions.'- David Kreps, Stanford University, US'This book provides a terrific opportunity to have a collection of Oliver Williamson's best papers on transaction cost economics all in one convenient volume.'- Paul L. Joskow, Alfred P. Sloan Foundation and MIT'Williamson's work on transaction cost economics has shaped the thinking of all social scientists about organizations and institutions. This volume reprints many of his seminal papers on the subject, and is valuable both as commemoration and for reference.'- Avinash Dixit, Princeton University, USTransaction 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.This important collection brings together Professor Williamson's key papers on transaction cost economics. It will be of benefit to academics, scholars and practitioners with an interest in this progressive subject.

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Transaction cost economics began to take shape around thirty years ago and has since been established as an essential tool used to illuminate a wide range of problems in economics and other social sciences. This paperback reader for students and scholars presents, in a convenient and accessible form, the articles which together form the foundations of research in transaction cost economics.The volume is divided into three parts: the first part presents the background to the field and includes those path-breaking papers from Coase (1937 and 1972), Williamson (1971) and Alchian and Demsetz (1972). The second part addresses the apparatus of transaction cost economics and includes papers on the structure and limits of firms. The third part presents the applications of transaction cost economics to firm behavior, investment decision-making, contract bidding, regulation and legislation. The editors, themselves distinguished scholars in the field, have written a new introduction which sketches the history of research in the field and offers some thoughts about the future of transaction cost economics.

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Although what has come to be known as transaction cost economics has its origins in the 1930s, it was not until the 1970s that transaction cost economics as a systematic and identifiable field of study began. Since then, numerous theoretical developments and empirical applications have expanded and enriched the field. Recognition of its contributions to our understanding of organizations and institutions includes two Nobel laureates, Ronald Coase in 1991 and Oliver Williamson in 2009. This is an important selection of key articles on transaction cost economics by distinguished scholars including Ronald Coase, Herbert Simon, Kenneth Arrow and Richard A. Posner. This research review addresses key areas such as private ordering and credibility, contracts and organization, internal organization, vertical integration and contracting.

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