Foundations of Law and Economics
Transaction-Cost Economics: The Governance of Contractual Relations
Oliver E. Williamson
- Year
- 1979
- Venue
- Journal of Law and Economics
- Level
- Advanced
Summary
Develops transaction-cost economics as a comparative approach to governance. The article links opportunism, bounded rationality, asset specificity, uncertainty, and frequency to the choice among markets, hybrids, and hierarchical organization, making contract governance a central legal-institutional question.
Citation
Oliver E. Williamson. "Transaction-Cost Economics: The Governance of Contractual Relations." Journal of Law and Economics, 1979.
DOI: 10.1086/466942
BibTeX
@article{Williamson1979Transaction,
title = {Transaction-Cost Economics: The Governance of Contractual Relations},
author = {Oliver E. Williamson},
year = {1979},
journal = {Journal of Law and Economics},
doi = {10.1086/466942},
url = {https://www.journals.uchicago.edu/doi/10.1086/466942}
}