A HIERARCHICAL THEORY OF THE FIRM *

A HIERARCHICAL THEORY OF THE FIRM * Summary This paper provides a mathematically coherent and concise formulation of the Williamson market‐failure approach and, hence, develops models for single‐level and multilevel firms and organizations. These models optimally determine the extent of integration for each viable link on every hierarchical level, When the models are reformulated in terms of four operational parameters that determine integration, applied benefit‐cost methods can be utilized, in practice, to model a firm. Both static and dynamiclmodels‐are presented. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Scottish Journal of Political Economy Wiley

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Publisher
Wiley
Copyright
Copyright © 1980 Wiley Subscription Services, Inc., A Wiley Company
ISSN
0036-9292
eISSN
1467-9485
DOI
10.1111/j.1467-9485.1980.tb00554.x
Publisher site
See Article on Publisher Site

Abstract

Summary This paper provides a mathematically coherent and concise formulation of the Williamson market‐failure approach and, hence, develops models for single‐level and multilevel firms and organizations. These models optimally determine the extent of integration for each viable link on every hierarchical level, When the models are reformulated in terms of four operational parameters that determine integration, applied benefit‐cost methods can be utilized, in practice, to model a firm. Both static and dynamiclmodels‐are presented.

Journal

Scottish Journal of Political EconomyWiley

Published: Feb 1, 1980

References

  • The nature of the firm
    Coase, Coase
  • Exchange theory: the missing chapter
    Hirshleifer, Hirshleifer

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