Individualism, collectivism, and opportunism: A cultural perspective on transaction cost economics
[Electronic version], Journal of Management, 28(4), 567-583.
For example, transaction cost economics
is a primary reason for the consistent growth in economics theory, and the resource-based view takes much credit for the contribution from management.
Amongst the prominent theories are transaction cost economics
theory, theory of core competencies, knowledge based-view theory, resource based-view theory and etc.
After concluding the literature review concerning fruit quality management, quality, and transaction cost economics
, it then becomes possible to formulate the general hypotheses of this investigation.
Behavioral Assumptions of Transaction Cost Economics
According to transaction cost economics
, the existence of firms has been justified as an alternative to markets in coordinating economic transactions (Coase, 1937, 1960).
This low-cost approach is supported by important transaction cost economics
(TCE) which provide significant contribution to make-or-buy decision.
Third, Herbert Hovenkamp offers a wonderful review of transaction cost economics
and how it fits in the economics paradigm.
In analysis using transaction cost economics
(Coase, 1937; Williamson, 1971, 1979) and a core competence perspective (Prahalad and Hamel, 1990), a reduction in transaction costs and an increase in a company's focus on core competencies have been cited previously as two key benefits associated with outsourcing (Gilley and Rasheed, 2000).
The author develops a business model, drawing on ideas from transaction cost economics
, the resource-based perspective, and the open innovation paradigm, and uses that business model to examine the pharmaceutical industry and its response to the impact of biotechnology.
If managers seek ever-more inventive ways of boosting share prices, paying themselves over the odds for doing so and offloading the costs on to society, they are just doing what B-school courses on strategy, transaction cost economics
and agency theory have taught them which is to maximise the value of a company, product and themselves.
This paper reviews contributions of transaction cost economics