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Reference Points and the Theory of the Firm

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Author Info
Oliver D. Hart

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Abstract

In this article I argue that it has been hard to make progress on Coase's theory of the firm agenda because of the difficulty of formalizing haggling costs. I propose an approach that tries to move things forward using the idea of aggrievement costs, and apply it to the question of whether a transaction should be placed inside a firm (in-house production) or in the market place (outsourcing).

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 13481.

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Date of creation: Oct 2007
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Handle: RePEc:nbr:nberwo:13481

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Find related papers by JEL classification:
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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References listed on IDEAS
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  1. Williamson, Oliver E, 1971. "The Vertical Integration of Production: Market Failure Considerations," American Economic Review, American Economic Association, vol. 61(2), pages 112-23, May. [Downloadable!] (restricted)
  2. Raghuram G. Rajan & Luigi Zingales, 1998. "Power In A Theory Of The Firm," The Quarterly Journal of Economics, MIT Press, vol. 113(2), pages 387-432, May. [Downloadable!] (restricted)
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