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  2. Ronald Coase - Wikipedia

    en.wikipedia.org/wiki/Ronald_Coase

    Coase is best known for two articles: "The Nature of the Firm" (1937), which introduces the concept of transaction costs to explain the nature and limits of firms; and "The Problem of Social Cost" (1960), which suggests that well-defined property rights could overcome the problems of externalities if it were not for transaction costs (see Coase ...

  3. Coase theorem - Wikipedia

    en.wikipedia.org/wiki/Coase_theorem

    Coase's main point, clarified in his article 'The Problem of Social Cost [1],' published in 1960 and cited when he was awarded the Nobel Prize in 1991, was that transaction costs, however, could not be neglected, and therefore, the initial allocation of property rights often mattered.

  4. Theory of the firm - Wikipedia

    en.wikipedia.org/wiki/Theory_of_the_firm

    Ronald Coase set out his transaction cost theory of the firm in 1937, making it one of the first (neo-classical) attempts to define the firm theoretically in relation to the market. [6] One aspect of its 'neoclassicism' lies in presenting an explanation of the firm consistent with constant returns to scale , rather than relying on increasing ...

  5. The Nature of the Firm - Wikipedia

    en.wikipedia.org/wiki/The_Nature_of_the_Firm

    Coase noted, however, that there are a number of transaction costs to using the market; the cost of obtaining a good or service via the market is actually more than just the price of the good. Other costs, including search and information costs, bargaining costs, keeping trade secrets , and policing and enforcement costs, can all potentially ...

  6. The Problem of Social Cost - Wikipedia

    en.wikipedia.org/wiki/The_Problem_of_Social_Cost

    Here, Coase is referencing Pareto efficiency allowed by the prevailing “pricing system”. Coase used the example of pollution (raised by George Stigler in The Theory of Price, 1952) several times: he argued that arbitrage between actors in a market with low transaction costs could lead to an efficient market solution. [6]

  7. Transaction cost - Wikipedia

    en.wikipedia.org/wiki/Transaction_cost

    Transaction cost as a formal theory started in the late 1960s and early 1970s. [13] ... Coase, Ronald (1960). "The Problem of Social Cost". Journal of Law and Economics.

  8. Contract theory - Wikipedia

    en.wikipedia.org/wiki/Contract_theory

    Contract theory in economics began with 1991 Nobel Laureate Ronald H. Coase's 1937 article "The Nature of the Firm". Coase notes that "the longer the duration of a contract regarding the supply of goods or services due to the difficulty of forecasting, then the less likely and less appropriate it is for the buyer to specify what the other party should do."

  9. Oliver E. Williamson - Wikipedia

    en.wikipedia.org/wiki/Oliver_E._Williamson

    His dissertation was titled ‘The Economics of Discretionary Behaviour: Managerial Objectives in a Theory of the Firm’. [4] A student of Ronald Coase, Herbert A. Simon and Richard Cyert, he specialized in transaction cost economics. From 1963 to 1965 he was an Assistant Professor of Economics at the University of California, Berkeley.