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The Transaction Cost Theory of the (Multinational) Firm - Note

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  • James H. Love

Abstract

Ambiguities are identified in HALLWOOD's [1994] 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.

Suggested Citation

  • James H. Love, 1997. "The Transaction Cost Theory of the (Multinational) Firm - Note," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 153(4), pages 675-675, December.
  • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(199712)153:4_675:ttctot_2.0.tx_2-m
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    More about this item

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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