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Markets and Hierarchies and (Mathematical) Economic Theory

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  • Kreps, David M

Abstract

Over the past decade transaction-cost economics has been partially translated in the more mathematical language of game theory, and understanding of the costs of transactions has been deepened, refined and extended. But the translation is incomplete: a great deal of human behaviour is missed, and doing game theory with more life-like models of individuals will bring theory closer to phenomena. Transaction-cost economics, particularly the economics of relational contracts, provides a major arena for these developments, since the important issues of bounded rationality and individual behavior are central to the topic. Copyright 1996 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Industrial & Corporate Change.

Volume (Year): 5 (1996)
Issue (Month): 2 ()
Pages: 561-95

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Handle: RePEc:oup:indcch:v:5:y:1996:i:2:p:561-95

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Cited by:
  1. Garrouste, Pierre & Saussier, Stephane, 2005. "Looking for a theory of the firm: Future challenges," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 58(2), pages 178-199, October.
  2. Nicolai J. Foss, 1997. "Incomplete Contracts and Economic Organization Brian Loasby and the Theory of the Firm," DRUID Working Papers, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies 97-11, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  3. James M. Malcomson, 2012. "Relational Incentive Contracts
    [The Handbook of Organizational Economics]
    ," Introductory Chapters, Princeton University Press, Princeton University Press.
  4. Kirsten Foss & Nicolai J. Foss, . "Assets, Attributes and Ownership," IVS/CBS Working Papers, Department of Industrial Economics and Strategy, Copenhagen Business School 00-3, Department of Industrial Economics and Strategy, Copenhagen Business School.
  5. Alessandro Rossi, 1999. "Incentives in Managerial Compensation: A Survey of Experimental Research. (Draft Paper)," ROCK Working Papers, Department of Computer and Management Sciences, University of Trento, Italy 003, Department of Computer and Management Sciences, University of Trento, Italy, revised 12 Jun 2008.
  6. Kirsten Foss & Nicolai J. Foss, 1999. "Understanding Ownership Residual Rights of Control and Appropriable Control Rights," DRUID Working Papers, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies 99-4, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  7. Wareham, Jonathan & Mathiassen, Lars & Rai, Arun & Straub, Detmar & Klein, Richard, 2005. "The business value of digital supply networks: A program of research on the impacts of globalization," Journal of International Management, Elsevier, Elsevier, vol. 11(2), pages 201-227, June.
  8. Nicolai Foss, 2001. "Bounded Rationality in the Economics of Organization: Present Use and (Some) Future Possibilities," Journal of Management and Governance, Springer, Springer, vol. 5(3), pages 401-425, September.
  9. Foss, Nicolai J., 2003. "Bounded rationality in the economics of organization: "Much cited and little used"," Journal of Economic Psychology, Elsevier, Elsevier, vol. 24(2), pages 245-264, April.
  10. Forder, Julien, 2000. "Mental health: market power and governance," Journal of Health Economics, Elsevier, Elsevier, vol. 19(6), pages 877-905, November.
  11. Stéphane Saussier, 2000. "Coûts de transaction et choix contractuels : un test économétrique sur une entreprise publique," Économie et Prévision, Programme National Persée, Programme National Persée, vol. 145(4), pages 169-180.
  12. Nicolai J. Foss, 1998. "Firms and the Coordination of KnowledgeSome Austrian Insights," DRUID Working Papers, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies 98-19, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  13. Nicolai J. Foss & Peter G. Klein, 2005. "The Theory of the Firm and Its Critics A Stocktaking and Assessment," DRUID Working Papers, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies 05-03, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  14. Kumkar, Lars, 1998. "Privatwirtschaftliche Koordinierungsstrukturen in vertikal strukturierten Industrien: Eine Analyse der Stromwirtschaft auf Grundlage der neuen Institutionenökonomik," Kiel Working Papers, Kiel Institute for the World Economy 873, Kiel Institute for the World Economy.

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