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- W3125525037 abstract "One of the key factors in the study of transaction costs economics is the concept of opportunism. Williamson (1986) develops a heuristic model of transaction costs and governance structures in which the critical dimensions, with respect to which transaction costs differ, are identified: the frequency of exchange, the degree of relationship-specific investment, and uncertainty. This work examines whether there is empirical support for Williamson's model. Firms in four different industries were interviewed about their contractual relationships with their customers or suppliers. The degree of transaction costs differs both across industries and across firms within an industry. Although the author finds that there is strong support for the Williamson (1986) model, a critical dimension omitted from this model is market structure. By affecting the risks of opportunism, she finds that market structure also has important consequences for the nature of contractual relations governing firms' transactions. Copyright 1997 by Oxford University Press." @default.
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- W3125525037 date "1994-01-01" @default.
- W3125525037 modified "2023-09-27" @default.
- W3125525037 title "Transaction Cost Economics and Contractual Relations" @default.
- W3125525037 hasPublicationYear "1994" @default.
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