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Transaction-Cost Economics: Past, Present, and Future?

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  • Robert Gibbons

Abstract

Oliver Williamson is the founder and chief developer of transaction-cost economics (TCE). In this brief essay, on the occasion of his Nobel Memorial Prize, I offer a partial discussion of Williamson's contributions by first summarizing some of the accomplishments of TCE-past and then sketching some of the opportunities for TCE-future. Most of the topics in both sections (TCE-past and TCE-future) start with a quotation from Williamson's early work that I think still speaks volumes today. That is, while fellow travelers and successors have acted on one set of Williamson's insights, helping to produce the accomplishments of TCE-past, another collection of Williamson's insights has gone relatively unremarked, creating some of the opportunities for TCE-future. Copyright © The editors of the "Scandinavian Journal of Economics" 2010 .

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  • Robert Gibbons, 2010. "Transaction-Cost Economics: Past, Present, and Future?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 112(2), pages 263-288, June.
  • Handle: RePEc:bla:scandj:v:112:y:2010:i:2:p:263-288
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    2. Bartling, Björn & Fehr, Ernst & Schmidt, Klaus M., 2012. "Use and Abuse of Authority," Discussion Papers in Economics 14243, University of Munich, Department of Economics.
    3. Paul Walker, 2013. "The ‘Reference Point’ Approach To The Theory Of The Firm: An Introduction," Journal of Economic Surveys, Wiley Blackwell, vol. 27(4), pages 670-695, September.
    4. Brigham Frandsen & James B. Rebitzer, 2014. "Structuring Incentives Within Organizations: The Case of Accountable Care Organizations," NBER Working Papers 20034, National Bureau of Economic Research, Inc.
    5. Martino, Gaetano & Frascarelli, Angelo, 2012. "Adaptation in Food Networks: theoretical framework and empirical evidences," MPRA Paper 37600, University Library of Munich, Germany.
    6. Emilia Obiñska-Wajda, 2016. "The new institutional economics - main theories," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 12(1), pages 78-85, June.
    7. Sylvain Rossiaud, 2015. "L’ouverture de l’amont pétrolier à des compagnies privées. Un cadre d’analyse en termes d’économie des coûts de transaction," Post-Print hal-01162793, HAL.
    8. Martino, Gaetano & Frascarelli, Angelo, 2012. "Adaptation in Food Networks: Theoretical Frame Work and Empirical Evidences," 2012 International European Forum, February 13-17, 2012, Innsbruck-Igls, Austria 144981, International European Forum on Innovation and System Dynamics in Food Networks.
    9. Sylvain Rossiaud, 2014. "Opening the upstream oil industry to private companies," Working Papers halshs-00960681, HAL.

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