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Markets and Hierarchies : Analysis and Antitrust Implications Paperback

ISBN-13: 978-0029347805 ISBN-10: 0029347807

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Product Details

  • Paperback: 303 pages
  • Publisher: Free Press (January 1, 1983)
  • Language: English
  • ISBN-10: 0029347807
  • ISBN-13: 978-0029347805
  • Product Dimensions: 0.8 x 6.2 x 9.2 inches
  • Shipping Weight: 15.2 ounces
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (3 customer reviews)
  • Amazon Best Sellers Rank: #519,831 in Books (See Top 100 in Books)

Editorial Reviews

Review

Challenge ...deserves serious attention from anyone who is interested in public policy toward private enterprise. -- Review

About the Author

Oliver E. Williamson is Charles and William L. Day Professor of Economics and Social Science at the University of Pennsylvania and Director of the University's Center for Study of Organizational Innovation? A Guggenheim Fellow and former Special Economic Assistant to the Antitrust Division of the U.S. Department of Justice, he is author of The Economics of Discretionary Behavior and Corporate Control and Business Behavior.

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Customer Reviews

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38 of 41 people found the following review helpful By Dovev Lavie on March 29, 2000
Format: Paperback
Markets and Hierarchies is considered a most influential contribution to the institutional economics approach in the strategy literature. Introducing a transaction-cost dimension, it bridges economics and organization theory. Hence, both economists and researchers from the fields of social sciences can find this book appealing. Williamson begins by claiming that conventional economic analysis makes unnecessary assumptions and is too abstract to capture the characteristics of economic exchange and its effect on the transaction consummation mechanism, namely the preference of intrafirm versus interfirm trade. Then he introduces concepts of bounded rationality and opportunism to expand the discussion of organizational forms. He suggests the transaction as the appropriate unit of analysis to evaluate hierarchies and markets. The main argument in the book is presented in the Organizational Failures Framework (OFF), which is designed to specify which mode will be relatively efficient in formulating and executing contracts based on a combination of environmental and human factors. The OFF offers two combinations, a derived condition and a general system effect to explain organizational failures: (1) Bounded Rationality and Uncertainty/Complexity - Faced with conditions of uncertainty and complexity, where the decision tree is not clear, bounded rationality poses information processing and communication problems. A hierarchy would be preferred to a market in this case because internal organization can economize on bounded rationality. (2) Opportunism and Small Numbers - Williamson extends the self-interest assumption in microeconomics to suggest opportunistic behavior.Read more ›
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0 of 3 people found the following review helpful By Mehmet on February 11, 2013
Format: Paperback
incredible. this product is very good. thanks a lot. it comes faster than expect. Markets and hierarchies : Analysis and Antitrust Implications is perfect
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2 of 30 people found the following review helpful By A Customer on June 20, 1999
Format: Paperback
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