Review of Industrial Organization (2005) 27:103–104 © Springer 2005
Industrial Organization Society’s 7th
Distinguished Fellow Award
TO OLIVER WILLIAMSON
The Industrial Organization Society’s Distinguished Fellow Award is given
annually in recognition of excellence in Research, Education, and Pro-
fessional Leadership in the Field of Industrial Organization. This year’s
selection committee consisted of Josh Lerner, David Round, and Marga-
ret Slade. The award was presented in April at the International Indus-
trial Organization conference, which was held at Georgia Tech University
The criterion for excellence in Research recognizes scholarship that led
others to pursue new directions or methodologies in Industrial Organiza-
tion. It also recognizes scholarly endeavors that draw together or distill the
research of others in a new or fruitful manner.
The criterion for excellence in Education recognizes exemplary inﬂuence
upon students and policy makers in Industrial Organization.
The criterion for excellence in Professional Leadership recognizes endeav-
ors to promote collegiality within the ﬁeld of Industrial Organization as
well as the promotion of Industrial Organization within the larger disci-
pline of economics.
The Society is pleased to announce that this year’s recipient is Oliver
Oliver Williamson in an emeritus professor at the University of Califor-
nia, Berkeley’s Haas School of Business and Department of Economics. He
has a distinguished record of research in the area of the theory of the ﬁrm
and, more speciﬁcally, transaction costs and the new institutional econom-
Transactions costs are the costs that are associated with negotiating,
reaching, monitoring, and enforcing agreements. If there were no transac-
tions costs, all contracts would be complete, agreements would be efﬁcient,
and parties to contracts would be indifferent concerning most forms of
organization. However, in the presence of incompleteness, it is possible to
be disadvantaged by the opportunistic behavior of self-interested parties.