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Transaction-specific investments and organizational choice: a Coase-to-Coase theory

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  • MICELI, THOMAS J.

Abstract

This paper examines markets, firms, and the law as alternative institutional arrangements for organizing transactions that involve transaction-specific investments and uncertain performance. The analysis is the logical extension of Coase's seminal analysis of the market-firm boundary on one hand, and the market-law boundary on the other. It thus combines insights from the literature on industrial organization and law and economics. The result is a unified framework that reveals the relative advantages and disadvantages, within a fairly simple economic setting, of market exchange, court ordering (contracts), and internal governance (agency).

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  • Miceli, Thomas J., 2015. "Transaction-specific investments and organizational choice: a Coase-to-Coase theory," Journal of Institutional Economics, Cambridge University Press, vol. 11(2), pages 283-299, June.
    • Handle: RePEc:cup:jinsec:v:11:y:2015:i:02:p:283-299_00
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