IDEAS home Printed from https://ideas.repec.org/a/aea/apandp/v110y2020p172-76.html
   My bibliography  Save this article

Visible Hands: Governance of Value Creation—Within Firms and Beyond

Author

Listed:
  • Robert Gibbons

Abstract

Economic transactions can be divided into (1) those that are priced versus (2) those that are governed by visible hands, and within the latter (2a) those within a single organization versus (2b) those in nonintegrated settings. Nonintegration is not always "the market" [i.e., (1)]. The conventional distinction between markets versus firms, (1) versus (2a), is misleading. The fundamental distinction is between transactions that are priced versus those that are governed, (1) versus (2). Unifying (2a) with (2b) highlights their commonalities and suggests directions for future research, especially the problem of building (not selecting) an equilibrium.

Suggested Citation

  • Robert Gibbons, 2020. "Visible Hands: Governance of Value Creation—Within Firms and Beyond," AEA Papers and Proceedings, American Economic Association, vol. 110, pages 172-176, May.
    • Handle: RePEc:aea:apandp:v:110:y:2020:p:172-76
    DOI: 10.1257/pandp.20201066
    as

    Download full text from publisher

    File URL: https://www.aeaweb.org/doi/10.1257/pandp.20201066
    Download Restriction: no
    File URL: https://www.aeaweb.org/doi/10.1257/pandp.20201066.ds
    Download Restriction: Access to full text is restricted to AEA members and institutional subscribers.
    File URL: https://libkey.io/10.1257/pandp.20201066?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Björn Bartling & Ernst Fehr & David B. Huffmann & Nick Netzer & David B. Huffman, 2021. "The Complementary Nature of Trust and Contract Enforcement," CESifo Working Paper Series 8826, CESifo.
    2. Björn Bartling & Ernst Fehr & David Huffman & Nick Netzer, 2021. "The complementarity between trust and contract enforcement," ECON - Working Papers 377, Department of Economics - University of Zurich, revised May 2022.

    More about this item

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aea:apandp:v:110:y:2020:p:172-76. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Michael P. Albert (email available below). General contact details of provider: https://edirc.repec.org/data/aeaaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.