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Transaction Cost Economics: The Origins

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  • Williamson, Oliver E.

Abstract

This paper is an autobiographical recollection of how my interest in and work on transaction cost economics progressively developed. It begins with an overview of the transaction cost economics project. A sketch of my undergraduate and graduate education follows. Key events in the 1960s that set the stage for my 1971 paper on “The Vertical Integration of Production” are then described. This paper would turn out to be the entering wedge from which transaction cost economics would take shape and continues today, as set out in the closing pages of the article.

Suggested Citation

  • Williamson, Oliver E., 2010. "Transaction Cost Economics: The Origins," Journal of Retailing, Elsevier, vol. 86(3), pages 227-231.
    • Handle: RePEc:eee:jouret:v:86:y:2010:i:3:p:227-231
    DOI: 10.1016/j.jretai.2010.07.006
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    References listed on IDEAS

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    1. Michael D. Whinston, 2001. "Assessing the Property Rights and Transaction-Cost Theories of Firm Scope," American Economic Review, American Economic Association, vol. 91(2), pages 184-188, May.
    2. Jacques H. Dreze, 1995. "Forty Years of Public Economics: A Personal Perspective," Journal of Economic Perspectives, American Economic Association, vol. 9(2), pages 111-130, Spring.
    3. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    4. Richard A. Posner, 1972. "The Appropriate Scope of Regulation in the Cable Television Industry," Bell Journal of Economics, The RAND Corporation, vol. 3(1), pages 98-129, Spring.
    5. Oliver E. Williamson, 1967. "Hierarchical Control and Optimum Firm Size," Journal of Political Economy, University of Chicago Press, vol. 75, pages 123-123.
    6. Williamson, Oliver E, 1971. "The Vertical Integration of Production: Market Failure Considerations," American Economic Review, American Economic Association, vol. 61(2), pages 112-123, May.
    7. Macher Jeffrey T & Richman Barak D, 2008. "Transaction Cost Economics: An Assessment of Empirical Research in the Social Sciences," Business and Politics, De Gruyter, vol. 10(1), pages 1-65, May.
    8. Oliver E. Williamson, 1963. "Selling Expensse as a Barrier to Entry," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 77(1), pages 112-128.
    9. Oliver E. Williamson, 1976. "Franchise Bidding for Natural Monopolies -- in General and with Respect to CATV," Bell Journal of Economics, The RAND Corporation, vol. 7(1), pages 73-104, Spring.
    10. Macher, Jeffrey T. & Richman, Barak D., 2008. "Transaction Cost Economics: An Assessment of Empirical Research in the Social Sciences," Business and Politics, Cambridge University Press, vol. 10(1), pages 1-63, April.
    11. Williamson, Oliver E, 1983. "Credible Commitments: Using Hostages to Support Exchange," American Economic Review, American Economic Association, vol. 73(4), pages 519-540, September.
    12. Oliver E. Williamson, 1968. "Wage Rates as a Barrier to Entry: The Pennington Case in Perspective," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 82(1), pages 85-116.
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