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The Economic Institutions of Capitalism is a book by Oliver E. Williamson. For Williamson, transaction cost includes the cost incurred in contracting. The book explains principles of transaction cost economics, and applies the transaction cost to theory of institutions. The book explains bounded rationality and opportunism.
Oliver Eaton Williamson (September 27, 1932 – May 21, 2020) was an American economist, a professor at the University of California, Berkeley, and recipient of the 2009 Nobel Memorial Prize in Economic Sciences, which he shared with Elinor Ostrom.
Oliver Williamson characterizes four levels of social analysis. The first concerns itself with social theory, specifically the level of embeddedness and informal rules. The second is focused on the institutional environment and formal rules. It uses the economics of property rights and positive political theory.
The model was first presented by Oliver Williamson in his 1968 paper "Economies as an Antitrust Defense: The welfare tradeoffs" in the American Economic Review. [2] Williamson argued that ignoring efficiencies that may result from proposed mergers in antitrust law "fail[ed] to meet the basic test of economic rationality". [3]
[2] [3] Economists such as Oliver Williamson, [4] Douglass North, [5] Oliver Hart, Bengt Holmström, Arman Alchian and Harold Demsetz expanded on Coase's work on firms, transaction costs and contracts. [2] Economists and political scientists have used insights from Coase's work to explain the functioning of organizations in general, not just firms.
Managerial theories of the firm, as developed by William Baumol (1959 and 1962), Robin Marris (1964) and Oliver E. Williamson (1966), suggest that managers would seek to maximise their own utility and consider the implications of this for firm behavior in contrast to the profit-maximising case. (Baumol suggested that managers’ interests are ...
Oliver Williamson: 1954 Economics Economist, a professor at the University of California, Berkeley, and recipient of the 2009 Nobel Memorial Prize in Economic Sciences
In 2009, she was awarded the Nobel Memorial Prize in Economic Sciences for her "analysis of economic governance, especially the commons", which she shared with Oliver E. Williamson; she was the first woman to win the prize. [5] Trained in political science at UCLA, Ostrom was a faculty member at Indiana University in Bloomington for 47 years ...
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