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Transactions cost and boundary of the firm


  • Robert Vitík


This paper presents the basics of the Transaction cost theory (TCT) and shows it's contribution to the Theory of the firm by the view of the new institutional economics. In the first part, author presents resources and presumptions of the TCT mainly by O. E. Williamson. The theory is based on asset specificity. The formal model with the human asset specificity is supposed to reply following questions. Why the firm arise and where is the boundary of the firm? In the second part, the model TCT is extending by knowledge-based explanations of the firm.

Suggested Citation

  • Robert Vitík, 2008. "Transactions cost and boundary of the firm," Ekonomika a Management, University of Economics, Prague, vol. 2008(3).
  • Handle: RePEc:prg:jnleam:v:2008:y:2008:i:3:id:31

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    References listed on IDEAS

    1. Garrouste, Pierre & Saussier, Stephane, 2005. "Looking for a theory of the firm: Future challenges," Journal of Economic Behavior & Organization, Elsevier, vol. 58(2), pages 178-199, October.
    2. Williamson, Oliver E, 1973. "Markets and Hierarchies: Some Elementary Considerations," American Economic Review, American Economic Association, vol. 63(2), pages 316-325, May.
    3. repec:mes:jeciss:v:21:y:1987:i:1:p:528-530 is not listed on IDEAS
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    More about this item


    Teorie transakčních nákladů; Boundary of the firm; Teorie firmy založená na znalostech; Theory of the firm; Teorie firmy; Knowledge-based view; Specifičnost lidských aktiv; Human asset specificity; Hranice firmy; Transaction cost theory;

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance


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