Oliver E. Williamson author

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New Institutional Economics is a new way to look at how organizations function. Rather than seeing the firm as a black box , Williamson shows how decision makers respond to economic factors WITHIN the firm - what he calls transaction cost economics (TCE). In this series of studies, Williamson shows ...
The Mechanisms of Governance
New Institutional Economics is a new way to look at how organizations function. Rather than seeing the firm as a black box , Williamson shows how decision makers respond to economic factors WITHIN the firm - what he calls transaction cost economics (TCE). In this series of studies, Williamson shows how complexity expands in organizations because of bounded rationality and opportunism; that is the bad news of his message. The good news is that individuals within organizations become perceptive of resulting hazards they may and do encounter, and are adept at fashioning their organizations to cope creatively with difficult situations. This creativity accounts for diversity among organizations, in which governance structures are adapted to firm - or industry-specific hazards.
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168.000000 USD

The Mechanisms of Governance

by Oliver E. Williamson
Hardback
Book cover image
This book brings together in one place the work of one of our most respected economic theorists, on a field which he has played a large part in originating: the New Institutional Economics. Transaction cost economics, which studies the governance of contractual relations, is the branch of the New Institutional ...
The Mechanisms of Governance
This book brings together in one place the work of one of our most respected economic theorists, on a field which he has played a large part in originating: the New Institutional Economics. Transaction cost economics, which studies the governance of contractual relations, is the branch of the New Institutional Economics with which Oliver Williamson is especially associated. Transaction cost economics takes issue with one of the fundamental building blocks in microeconomics: the theory of the firm. Whereas orthodox economics describes the firm in technological terms, as a production function, transaction cost economics describes the firm in organizational terms, as a governance structure. Alternative feasible forms of organization-firms, markets, hybrids, bureaus-are examined comparatively. The analytical action resides in the details of transactions and the mechanisms of governance. Transaction cost economics has had a pervasive influence on current economic thought about how and why institutions function as they do, and it has become a practical framework for research in organizations by representatives of a variety of disciplines. Through a transaction cost analysis, The Mechanisms of Governance shows how and why simple contracts give way to complex contracts and internal organization as the hazards of contracting build up. That complicates the study of economic organization, but a richer and more relevant theory of organization is the result. Many testable implications and lessons for public policy accrue to this framework. Applications of both kinds are numerous and growing. Written by one of the leading economic theorists of our time, The Mechanisms of Governance is sure to be an important work for years to come. It will be of interest to scholars and students of economics, organization, management, and law.
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44.050000 USD

The Mechanisms of Governance

by Oliver E. Williamson
Paperback / softback
Book cover image
The Economic Intstitutions of Capitalism
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30.400000 USD

The Economic Intstitutions of Capitalism

by Oliver E. Williamson
Paperback
Book cover image
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 ...
The Transaction Cost Economics Project: The Theory and Practice of the Governance of Contractual Relations
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. 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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USD
Hardback
Book cover image
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 ...
The Transaction Cost Economics Project: The Theory and Practice of the Governance of Contractual Relations
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. 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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USD
Paperback / softback
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