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Oliver Williamson's Opportunism

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  • Todorova, Tamara

Abstract

In his study of the modern firm Oliver Williamson proposes the concept of opportunism as the reason for vertical integration. Williamson divides opportunism conditionally into ex ante and ex post opportunism by analogy with his classification of transaction costs as ex ante transaction costs incurred prior to concluding the deal and ex post transaction costs, which arise after that. Ex ante screening can prevent ex post opportunism. Opportunism is a synonym of fraud in the market game. It is the practice of cheating, lying or stealing in business relations. It is very common in some cultures and societies which hampers prosperity and economic progress.

Suggested Citation

  • Todorova, Tamara, 2026. "Oliver Williamson's Opportunism," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 17(1), pages 58-66.
    • Handle: RePEc:zbw:espost:339534
    DOI: 10.14505/tpref.v17.1(37).05
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    References listed on IDEAS

    as
    1. Dirk Nicolas Wagner, 2019. "The Opportunistic Principal," Kyklos, Wiley Blackwell, vol. 72(4), pages 637-657, November.
    2. Steve Pejovich, 2003. "Understanding the transaction costs of transition: it's the culture, stupid," ICER Working Papers 24-2003, ICER - International Centre for Economic Research.
    3. Svetozar Pejovich, 2003. "Understanding the Transaction Costs of Transition: it's the Culture, Stupid," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(4), pages 347-361, December.
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    Keywords

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    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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