Transaction Cost Economics and Beyond

Transaction Cost Economics and Beyond

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.

Author: Michael Dietrich

Publisher: Routledge

ISBN: 9781134909827

Category: Business & Economics

Page: 232

View: 991

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.
Categories: Business & Economics

Transaction Cost Economics and Beyond

Transaction Cost Economics and Beyond

1 TRANSACTION COST ECONOMICS AND BEYOND : WHY AND HOW ? John Groenewegen State of the Art Transaction cost economics ( TCE ) has positioned itself in the center of the economics of organization . From Williamson ( 1975 ) onwards TCE has ...

Author: John Groenewegen

Publisher: Springer Science & Business Media

ISBN: 0792396111

Category: Business & Economics

Page: 390

View: 503

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).
Categories: Business & Economics

Transaction Cost Economics and Beyond

Transaction Cost Economics and Beyond

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.

Author: John Groenewegen

Publisher: Springer Science & Business Media

ISBN: 9789400918009

Category: Business & Economics

Page: 390

View: 245

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).
Categories: Business & Economics

Transaction Cost Economics and Beyond

Transaction Cost Economics and Beyond

Banerjee, A.V. (1992) 'A simple model of herd behavior', Quarterly Journal of Economics, CVII:797–817. Bauer, M. and Cohen, E. (1983) 'The invisibility of power in economics: beyond markets and hierarchies', in Francis et al. (1983).

Author: Michael Dietrich

Publisher: Routledge

ISBN: 9781134909834

Category: Business & Economics

Page: 232

View: 706

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.
Categories: Business & Economics

Transaction Cost Economics and Beyond

Transaction Cost Economics and Beyond

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.

Author: John Groenewegen

Publisher:

ISBN: 9400918011

Category:

Page: 404

View: 671

Transaction cost economics (TCE) is at the heart of the new theory of the firm. While it is an established research tradition with a well developed theoretical framework and good empirical results, critics consider TCE too limited to understand the essential characteristics of complex organizations like the firm. The criticism is that we need to go beyond the original TCE framework and develop a more pluralistic approach towards issues of economic organization. This book provides a lively debate on these issues in an open-minded, academic manner. Transaction Cost Economics and Beyond contributes to our further understanding of the theory of the firm and provides a better knowledge of the complexities of economic organization.
Categories:

Toward Behavioral Transaction Cost Economics

Toward Behavioral Transaction Cost Economics

In J. Groenewegen (Ed.), Transaction cost economics and beyond (pp. 1–9). Dordrecht: Springer. Hanson, N. R. (1958). Patterns of discovery. Cambridge: Cambridge University Press. Hardt, Ł. (2009). The history of transaction cost ...

Author: George Z. Peng

Publisher: Springer Nature

ISBN: 9783030468781

Category: Business & Economics

Page: 377

View: 198

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.
Categories: Business & Economics

The Economics of Transaction Costs

The Economics of Transaction Costs

Arrow, K. J. (1969) The Organization of Economic Activity: Issues Pertinent to the Choice of Market versus Nonmarket Allocation, in The Analysis and ... Dietrich, M. (1994) Transaction Cost Economics and Beyond (London: Routledge).

Author: P. Rao

Publisher: Springer

ISBN: 9780230597686

Category: Business & Economics

Page: 197

View: 113

In modern economies a substantial proportion of resources is increasingly allocated to transaction costs. An improvement in the definition of transaction costs to include both the information role and efficiency role requires an integration of the approaches of positive economics and normative economics. In The Economics of Transaction Costs P.K.Rao provides a comprehensive analytical treatment of the subject and suggests a few directions for formal economic models.
Categories: Business & Economics

Technology Innovation and Industrial Economics Institutionalist Perspectives

Technology  Innovation and Industrial Economics  Institutionalist Perspectives

Lindenberg, S. Short-term Prevalence, Social Approval and the Governance of Employment Relations in Transaction Cost Economics and Beyond. In J. Groenewegen, 1996. Noorderhaven, N.G., Opportunism and Trust in Transaction Cost Economics ...

Author: Dilmus D. James

Publisher: Springer Science & Business Media

ISBN: 9781461556978

Category: Business & Economics

Page: 153

View: 364

Technology, Innovation and Industrial Economics: Institutional Perspectives, inspired by the work of William E. Cole, Professor Emeritus at the University of Tennessee at Knoxville, extends his work with essays on technology, innovation and industrial economics from an Institutionalist perspective. The managerial style, innovational practices and industrial setting of the continuous improvement firm are central to several chapters. This volume also features innovation and technology in Latin America, Adam Smith's writing on entrepreneurship and a comparison of American and European Institutionalism. The topics of technology, innovation, industrial organization and industrial policy are being widely discussed and debated in today's literature, but seldom from an Institutionalist perspective. The purpose of this book is to reduce substantially this missing dimension in the ongoing debates on these important issues.
Categories: Business & Economics

Institutions and Evolution of Capitalism

Institutions and Evolution of Capitalism

Aoki, Masahiko (2007), 'Endogenizing Institutions and Institutional Changes', Journal of Institutional Economics, 3 (1), 1–31. Groenewegen, John (ed.) (1996), Transaction Cost Economics and Beyond, Boston, MA: Kluwer.

Author: Francesca Gagliardi

Publisher: Edward Elgar Publishing

ISBN: 9781785365003

Category: Business & Economics

Page: 384

View: 619

In just over 30 years, Geoff Hodgson has made substantial contributions to institutional economics, evolutionary economics, economic methodology, the history of economic thought and social theory. To mark his seminal work, this volume brings together original contributions by world-leading scholars in specific areas that have played a significant role in influencing his thinking or represent key debates to which he has contributed. Building on some of the most significant philosophical and methodological foundations underlying Hodgson's work, the volume is organised around the recurring themes of institutions, evolution and capitalism.
Categories: Business & Economics

The New Palgrave Dictionary of Economics

The New Palgrave Dictionary of Economics

The cost and benefit of ownership: a theory of vertical and lateral integration. ... Transaction cost economics as a three dimensional externally driven research program. ... In Transaction Cost Economics and Beyond, ed. J. Groenewegen.

Author:

Publisher: Springer

ISBN: 9781349588022

Category: Law

Page: 7300

View: 961

The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.
Categories: Law