The Transaction Cost Theory of the (Multinational) Firm - Reply
The thesis by HALLWOOD  is compactly restated, showing that most of Love's points are either already encompassed, or, are useful extensions of it. Love's idea that production cost differences between firms are necessarily caused by transaction costs is rejected, as differences between firms in the capital valuation of firm-specific knowledge may be due to uncertainty.
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Volume (Year): 153 (1997)
Issue (Month): 4 (December)
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