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Transaction cost economics and business administration

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Author Info

  • Williamson, Oliver E.

Abstract

This paper traces the origins of transaction cost economics to three seminal people who had an intense interest in business: Ronald Coase, Chester Barnard, and Herbert Simon. By contrast with the neoclassical theory of the firm, which is a top-down construction, the transaction cost economics theory of the firm is a bottom-up construction--which is to say that it is much more microanalytic (the transaction is made the basic unit of analysis) and is comparative in its mode of analysis. Several top-down maxims that have their origins in economic theory are examined in a bottom-up way, which serves to uncover conceptual and/or implementation problems with each. I furthermore examine growing applications of transaction cost reasoning to business administration and within the social sciences.

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Bibliographic Info

Article provided by Elsevier in its journal Scandinavian Journal of Management.

Volume (Year): 21 (2005)
Issue (Month): 1 (March)
Pages: 19-40

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Handle: RePEc:eee:scaman:v:21:y:2005:i:1:p:19-40

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Related research

Keywords: Transaction cost Economics Business Administration Real-world Coase Barnard Simon;

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Cited by:
  1. Merkert, Rico & Nash, Chris A., 2013. "Investigating European railway managers’ perception of transaction costs at the train operation/infrastructure interface," Transportation Research Part A: Policy and Practice, Elsevier, vol. 54(C), pages 14-25.
  2. Gabor, Andrea & Mahoney, Joseph T., 2010. "Chester Barnard and the Systems Approach to Nurturing Organizations," Working Papers 10-0102, University of Illinois at Urbana-Champaign, College of Business.
  3. Merkert, Rico, 2010. "Changes in transaction costs over time - The case of franchised train operating firms in Britain," Research in Transportation Economics, Elsevier, vol. 29(1), pages 52-59.
  4. Oliver E. Williamson, 2005. "The Economics of Governance," American Economic Review, American Economic Association, vol. 95(2), pages 1-18, May.
  5. Merkert, Rico & Cowie, Jonathan, 2012. "A quantitative cross-modal analysis of transportation firms’ transaction costs – Are airlines any different?," Journal of Air Transport Management, Elsevier, vol. 22(C), pages 3-8.
  6. Watanabe, Kassia & Zylbersztajn, Decio, 2012. "Building Supply Systems from Scratch: The Case of the Castor Bean for Biodiesel Chain in Minas Gerais, Brazil," International Journal on Food System Dynamics, International Center for Management, Communication, and Research, vol. 3(2).

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