The Transaction Cost Theory of the (Multinational) Firm - Note
Ambiguities are identified in HALLWOOD's  explanation of the existence of the multinational firm. Hallwood argues that internalization theory contains two critical implicit assumptions. The first of these is non-existent, and the second has been presented in a potentially misleading way. By appearing to draw a clear distinction between measurement costs and transaction costs, Hallwood obscures the important issue of information asymmetry and search costs in final product markets.
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Volume (Year): 153 (1997)
Issue (Month): 4 (December)
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