Markets and hierarchies analysis and antitrust implications a study in the economics of internal organization banothu ganesh asstprofessordepartment of mba princeton college of engineering and tecnologyghatkesartsindia abstract this study analyzes organization of economic activity within and between markets and hierarchies it considers the transaction to be the ultimate unit of . Markets and hierarchies analysis and antitrust implications a study in the economics of internal organization oliver e williamson university of pennsylvania the free press d a division of macmillan publishing co inc. Abstract this study analyzes organization of economic activity within and between markets and hierarchies it considers the transaction to be the ultimate unit of microeconomic analysis and defines hierarchical transactions as ones for which a single administrative entity spans both sides of the transaction some form of subordination prevails and typically consolidated ownership obtains. 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. 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 under such conditions participants in transactions are expected to reveal partial or distorted information and provide self
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