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The Boundaries Of The Firm. The Case Of Oil Industry In Romania

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  • Dudian Monica

    ()
    (Academy of Economic Studies, Faculty of Economics)

  • Trasca Daniela

    ()
    (Academy of Economic Studies, Faculty of Economics)

  • Mitrache Andreea

    ()
    (Academy of Economic Studies, Faculty of Economics)

  • Georgescu Adriana

    ()
    (Academy of Economic Studies, Faculty of Economics)

  • Georgescu Adriana

    ()
    (Academy of Economic Studies, Faculty of Economics)

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    Abstract

    The economic theory of the firm has met an exponential growth in the last decades different from the traditional neoclassical approach. In the first part of the paper we are skimming through the most spread approaches, namely the theory of incomplete contracts and evolutionary school. In the second part we apply the explications on integration provided by the economics of transaction costs with an example on the oil industry in Romania. A brief qualitative analysis reaches out the conclusion that cutting transaction and agency costs is one of the factors that leads to integration within the studied sector.

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    File URL: http://steconomice.uoradea.ro/anale/volume/2008/v2-economy-and-business-administration/018.pdf
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    Bibliographic Info

    Article provided by University of Oradea, Faculty of Economics in its journal The Journal of the Faculty of Economics - Economic.

    Volume (Year): 2 (2008)
    Issue (Month): 1 (May)
    Pages: 112-117

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    Handle: RePEc:ora:journl:v:2:y:2008:i:1:p:112-117

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    Related research

    Keywords: Transaction Cost; Agency Theory; Oil;

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    1. Jongwook Kim & Joseph T. Mahoney, 2002. "Resource-based and property rights perspectives on value creation: the case of oil field unitization," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 23(4-5), pages 225-245.
    2. Slade, Margaret E, 1996. "Multitask Agency and Contract Choice: An Empirical Exploration," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(2), pages 465-86, May.
    3. Spiller, Pablo T & Huang, Cliff J, 1986. "On the Extent of the Market: Wholesale Gasoline in the Northeastern United States," Journal of Industrial Economics, Wiley Blackwell, Wiley Blackwell, vol. 35(2), pages 131-45, December.
    4. Andrea Shepard, 1993. "Contractual Form, Retail Price, and Asset Characteristics in Gasoline Retailing," RAND Journal of Economics, The RAND Corporation, vol. 24(1), pages 58-77, Spring.
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