Although what has come to be known as transaction cost economics has its origins in the 1930s, it was not until the 1970s that transaction cost economics as a systematic and identifiable field of study began. Since then, numerous theoretical developments and empirical applications have expanded and enriched the field. Recognition of its contributions to our understanding of organizations and institutions includes two Nobel laureates, Ronald Coase in 1991 and Oliver Williamson in 2009. This is an important selection of key articles on transaction cost economics by distinguished scholars including Ronald Coase, Herbert Simon, Kenneth Arrow and Richard A. Posner. This research review addresses key areas such as private ordering and credibility, contracts and organization, internal organization, vertical integration and contracting..
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How to Create Value
The decision to carry out a merger or acquisition is certainly a risky one, not least because of the number of variables influencing the final outcome. It is also a decision frequently based on the wrong objectives and an incorrect evaluation process. With this in mind, this important new book offers solutions for reducing the high percentage of mergers and acquisitions (M & As) that fail. It adopts a normative approach, using theoretical analysis to show what managers could and should do to increase shareholders’ value through successful M & A strategies. It also explores the conditions that are suitable for favouring a certain type of M & A (horizontal, vertical or diversified) over the others. In conclusion, the book presents case studies of successful M & A strategies providing a link between theory and practice.
Michael R. Baye and John Morgan
This research review, written by two pioneers of e-commerce, discusses thirty of the most important papers written in the fields of economics, marketing and strategy. Topics covered include evaluation of the benefit to consumers of competition and product variety online, examination of auctions and reputational feedback mechanisms designed to mitigate informational asymmetries in online markets, and the debate on digital property rights including privacy, piracy and the open source movement. The review provides a thoughtful and accessible consideration of the subject of e-commerce, invaluable to scholars and practitioners alike
Please note this updated and revised Research Review is only available online. The link to Buy Book in Print and Find This Book in Your Library is to a previous edition available in print. The previous print edition reprints the full text of many, though not all, of the Recommended Articles and complements the online edition. This review draws on a collection of seminal writings dealing with the development of competition policy in Europe, the United States and Japan. It begins by discussing the writings of leading philosophers and scholars on the rationale and desirability of competition in market economies. These interpretations range in time of origin from ancient Greece through to Adam Smith and James Madison to very recent contributions in the competition policy debate. Having established relevant philosophical foundations, the review offers analyses by leading British, American, German and Japanese scholars on the interpretation and administration of laws concerning price-fixing and other restrictive agreements, market dominance and monopolization, predatory practices and mergers.
Edited by Claude Ménard and Elodie Bertrand
Ronald H. Coase was one of the most innovative and provocative economists of the twentieth century. Besides his best known papers on ‘The Nature of the Firm’ and ‘The Problem of Social Cost’, he had a major role in the development of the field of law and economics, and made numerous influential contributions to topics including public utilities, regulation and the functioning of markets. In this comprehensive Companion, 31 leading economists, social scientists and legal scholars assess the impact of his work with particular reference to the research programs initiated, the influence on policymakers, and the challenge to conventional perspectives.
A unique and comprehensive source of information, this book is the only international publication providing economists, planners, policymakers and business people with worldwide statistics on current performance and trends in the manufacturing sector.
Simon P. Anderson
The research review discusses important papers in the economics of advertising since the Millennium. It covers embellishments of established theories, newer theories, and empirical testing of both. Topics include informative, persuasive, and comparative advertising, content analysis, targeting, information congestion, signalling, and information disclosure.