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The Organizational Evolution of Markets for Wood Products in the Southern United States

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  • Dunn, Michael A.
  • Barnes, James N.
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    Abstract

    This paper represents the first case study attempt to develop a transaction cost conceptual model to describe industry evolution of the paper and lumber industries in the Southern United States around the late 1800s and early 1900s. We use transaction cost theory to explain the co-evolution of markets for wood products noting that variation in the level and type of investments made in physical and human capital assets needed to manage paper and lumber miller operations had a significant influence on the use of wood dealer systems compared to more vertically organized business arrangements. We identify some testable hypotheses and areas of future research.

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    File URL: http://purl.umn.edu/6746
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    Bibliographic Info

    Paper provided by Southern Agricultural Economics Association in its series 2008 Annual Meeting, February 2-6, 2008, Dallas, Texas with number 6746.

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    Date of creation: 2008
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    Handle: RePEc:ags:saeaed:6746

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    Related research

    Keywords: Industry Evolution; Contracting; Property Rights; Vertical Integration; Forest Products; Industrial Organization; Research Methods/ Statistical Methods; L14; L24; L73; J24;

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    1. Fishback, Price V, 1992. "The Economics of Company Housing: Historical Perspectives from the Coal Fields," Journal of Law, Economics and Organization, Oxford University Press, Oxford University Press, vol. 8(2), pages 346-65, April.
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