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Firms Markets And Contracts
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Book Synopsis Firms, Contracts, and Financial Structure by : Oliver Hart
Download or read book Firms, Contracts, and Financial Structure written by Oliver Hart and published by Clarendon Press. This book was released on 1995-10-05 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other hand why firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In the remainder of the book, incomplete contacting ideas are applied to understand firms' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; optimal bankruptcy procedure; and the allocation of voting rights across a company's shares. The book is written in a fairly non-technical style and includes many examples. It is aimed at advanced undergraduate and graduate students, academic and business economists, and lawyers as well as those with an interest in corporate finance, privatization and regulation, and transitional issues in Eastern Europe, the former Soviet Union, and China. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.
Book Synopsis Firms, Markets, and Contracts by : Ekkehart Schlicht
Download or read book Firms, Markets, and Contracts written by Ekkehart Schlicht and published by . This book was released on 1996-08-16 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Global Production written by Pol Antràs and published by Princeton University Press. This book was released on 2020-10-13 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global Production is the first book to provide a fully comprehensive overview of the complicated issues facing multinational companies and their global sourcing strategies. Few international trade transactions today are based on the exchange of finished goods; rather, the majority of transactions are dominated by sales of individual components and intermediary services. Many firms organize global production around offshoring parts, components, and services to producers in distant countries, and contracts are drawn up specific to the parties and distinct legal systems involved. Pol Antràs examines the contractual frictions that arise in the international system of production and how these frictions influence the world economy. Antràs discusses the inevitable complications that develop in contract negotiation and execution. He provides a unified framework that sheds light on the factors helping global firms determine production locations and other organizational choices. Antràs also implements a series of systematic empirical tests, based on recent data from the U.S. Customs and Census Offices, which demonstrate the relevance of contractual factors in global production decisions. Using an integrated approach, Global Production is an excellent resource for researchers, graduate students, and advanced undergraduates interested in the inner workings of international economics and trade.
Book Synopsis Firms, Markets, and Contracts by : Ekkehart Schlicht
Download or read book Firms, Markets, and Contracts written by Ekkehart Schlicht and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern institutional economics witnesses a merging of formal and informal strands of theorizing. This development has offered new and vigorous perspectives which avoid both arbitrariness and theoretical sterility. The essays on contract theory gathered here exemplify this development. They propone new results on central issues in contractual theorizing. The theory of the firm in its variegated aspects forms, naturally, the core of the present set of contributions. Issues of ownership, integration, delegation, and finan ce are analyzed. Some contributions use the theoretical approach of contract theory to explore other issues, like medical care, public good problems, the economics of crime, environmental economics, and international trade. The contributors are leading young economists. They have participated in one or se veral classes of the 'International Summer School on the New Institutional Economics' which has been organized by Rudolf Richter in the years 1988 through 1994 and is now continued by Urs Schweizer. The theoretical style of these contributions has been influ enced by this experience. This collection of essays is intended to express the thanks of the contributors to Rudolf Richter. His initiatives for scholarly instruction and for inter national exchange of ideas have helped to create and to diffuse the understanding of and the engagement for the new institutional economics in Europe.
Book Synopsis Firms, Organizations and Contracts by : Peter J. Buckley
Download or read book Firms, Organizations and Contracts written by Peter J. Buckley and published by . This book was released on 1996 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: The operations of the firm lie at the heart of studying business and business economics. This volume--the first in the new Oxford Management Readers Series--brings together the classic articles analyzing the role of firms and the relations between them, focusing particularly on the increasingly widespread idea that a firm is based on a set of internal and external contracts. The book will be an invaluable tool for teachers and students of business, economics, and management. The editors' Introduction provides an accessible overview, and Nobel prizewinner Ronald Coase contributes a foreword.
Book Synopsis Firms, Markets and Economic Change by : Richard N. Langlois
Download or read book Firms, Markets and Economic Change written by Richard N. Langlois and published by Routledge. This book was released on 1995-07-06 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditonal western forms of corporate organization have been called into question by the success of Japanese keiretsu. Firms, Markets and Economic Change draws on industrial economics, business strategy, and economic history to develop an evolutionary model to show when innovation is best undertaken. The authors argue that innovation is a complex process that defies neat categorization and government policy should be to facilitate change rather than to direct it.
Download or read book Firms and Markets written by K. Tucker and published by Routledge. This book was released on 2018-01-12 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Industrial and business economics is a very important field with a great deal of relevance to the commercial world and to business studies students as well as to economists. It is a rapidly developing field in which many new research advances have been made in recent years. This book, first published in 1986, considers many aspects of both the theory of and the evidence on economic behaviour, and in particular the operations of firms and markets. The book was written in honour of Basil Yamey by his former research students.
Book Synopsis The Economic Intstitutions of Capitalism by : Oliver E. Williamson
Download or read book The Economic Intstitutions of Capitalism written by Oliver E. Williamson and published by Simon and Schuster. This book was released on 1985 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: This long-awaited sequel to the modem classic "Markets and Hierarchies" develops and extends Williamson's innovative use of transaction cost economics as an approach to studying economic organization by applying it to work and labor as well as the corporation itself. In addition, Williamson explores its growing implications for public policy, including its potential influence on antitrust and merger guidelines, labor policy, and SEC and public utility regulations.
Download or read book Making Markets written by Ajit Kambil and published by Harvard Business Press. This book was released on 2002 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Markets are transitioning from place to space-but as the collapse of the initial B2B boom demonstrated, the journey won't be easy. Pioneering market makers from eBay and British Petroleum to the Dutch Flower Auctions and ChemConnect are leading the way to create new value through markets. Their experiences make two things increasingly clear: Success in the marketspace will require new ways of operating, and participation won't be optional. Ajit Kambil and Eric van Heck-respected authorities on electronic markets-argue that online auctions and exchanges will soon be an essential part of business practice. They explain why companies must adopt electronic markets now if they hope to compete in the future. And they prove that success lies not in achieving "first-mover" advantage in new markets, but in creating winning strategies to design and use markets to manage the supply chain, connect with customers, increase efficiency, and make decisions. Based on the authors' decade-long study of nearly one hundred successful and failed electronic markets in the United States, Europe, and Asia, the book reveals how market makers are rewriting the rules of commerce. They offer a strategic blueprint for designing, implementing, and profiting from electronic markets. Making Markets shows how companies can: · Creatively use markets in procurement, resale, and clearance, and in more novel applications such as prediction, risk management, and decision making. · Design, deploy, and stimulate the successful adoption of online auctions and exchanges. · Utilize technology to support-not replace-human interaction. · Leverage information to become more profitable buyers and sellers. · Innovate in trade processes from pricing, payment, and authentication to logistics and product representation. · Grow markets through partnerships, alliances, and mergers. This highly practical guide will help companies create the ultimate market: one that captures the feel and trust of a physical community but leverages the power and efficiency of technology to benefit all participants. AUTHORBIO: Ajit Kambil is Associate Partner and Senior Research Fellow at Accenture's Institute for Strategic Change. Eric van Heck is a Professor at Erasmus University's Rotterdam School of Management, The Netherlands.
Book Synopsis Social Contracts and Economic Markets by : J.R. Blau
Download or read book Social Contracts and Economic Markets written by J.R. Blau and published by Springer. This book was released on 2007-08-20 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The thesis of this book is that people enter into social contracts because they are different from one another and have incentives to cooperate. In economic life, people have identical interests—namely, their own se- interests—so they have an incentive to compete. The social worlds that we create, or map, and those that are already mapped for us are increasingly complex, and thus the tracking of rationality is not so straightforward, although it is everywhere evident. In a sense, this book grew out of two questions: Why hasn't the United States had a second revolution? Or is the revolution yet to come? Many have discussed the current crises that confront contemporary society, such as great economic inequalities, poverty, the declining quality of jobs, the growing power of corporate elites, and racial antago nisms. I attempt to understand these problems in terms of the radical restructuring of social life by economic and spatial forces. My specula tive thesis is that social organizations must reinforce social contracts and nurture the opportunities for them to be forged. However, contemporary organizations, particularly economic ones, have internalized the princi ples of economic markets, thereby inducing competition and easing out cooperation. In defining social contracts, I draw from Rousseau and also from Marx and his analysis of use value. One hopes that new organiza tional forms based on principles of democracy and community will evolve. In a diverse, multicultural society, this requires great mutual understanding and cooperation and the recognition of differences.
Book Synopsis Grain Futures Contracts: An Economic Appraisal by : S. Craig Pirrong
Download or read book Grain Futures Contracts: An Economic Appraisal written by S. Craig Pirrong and published by Springer Science & Business Media. This book was released on 1993-03-31 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study is an independent scholarly analysis of the economics of the grain futures contracts of the Chicago Board of Trade. The study was made possible by a research grant to the MidAmerica Institute from the Chicago Board of Trade, and we gratefully acknowledge this financial support, as well as the information and vast body of experience made available to us by the Division of Economic Analysis and members of the Exchange. Several other organizations also provided invaluable help from the inception of this study through the full process, either in the form of information, or through discussion: the Commodity Futures Trading Commission, the U.S. Department of Agriculture, the National Grain and Feed Association, the American Soybean Association, the Senate Committee on Agriculture, Nutrition and Forestry, the House Committee on Agriculture, the General Accounting Office, and the Center for the Study of Futures and Options Markets at Virginia Polytechnic and State University. We express our thanks. The primary authors wish to extend a special word of apprecia tion to Michael Brennan, Merton Miller, Richard Roll, Hans Stoll and Lester Telser, who served as members of the Resource Panel for the study. While key strengths of the study reflect their input, ultimate responsibility for the analysis rests with the primary authors.
Book Synopsis The Economic Institutions of Capitalism by : Oliver E. Williamson
Download or read book The Economic Institutions of Capitalism written by Oliver E. Williamson and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study is based on the belief that economic organization is shaped by transaction cost economizing decisions. It sets out the basic principles of transaction cost economics, applies the basic arguments to economic institutions, and develops public policy implications. Any issue that arises, or can be recast as a matter of contracting, is usefully examined in terms of transaction costs. Transaction cost economics maintains that governance of contractual relations is mainly achieved through institutions of private ordering instead of legal centralism. This approach is based on behavioral assumptions of bounded rationalism and opportunism, which reflect actual human nature. These assumptions underlie the problem of economic organization: to create contract and governance structures that economize on bounded rationality while safeguarding transactions against the hazards of opportunism. The book first summarizes the transaction cost economics approach to the study of economic organization. It develops the underlying behavioral assumptions and the types of transactions; alternative approaches to the world of contracts are presented. Assuming that firms are best regarded as a governance structure, a comparative institutional approach to the governance of contractual relations is set out. The evidence, theory, and policy of vertical integration are discussed, on the basis that the decision to integrate is paradigmatic to transaction cost analysis. The incentives and bureaucratic limits of internal organization are presented, including the dilemma of why a large firm can't do everything a collection of small firms can do. The economics of organization in presented in terms of transaction costs, showing that hierarchy also serves efficiency and permits a variety of predictions about the organization of work. Efficient labor organization is explored; on the assumption that an authority relation prevails between workers and managers, what governance structure supports will be made in response to various types of job attributes are discussed, and implications for union organization are developed. Considering antitrust ramifications of transaction cost economics, the book summarizes transaction cost issues that arise in the context of contracting, merger, and strategic behavior, and challenges earlier antitrust preoccupation with monopoly. (TNM).
Download or read book Trade in Ideas written by Eskil Ullberg and published by Springer Science & Business Media. This book was released on 2012-02-02 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic system is generally understood to operate on the premise of exchange. The most important factor in economic development has always been technology, as a way to expand a limited resource base. Such increase in technology and knowledge is generally accepted by economists, but the mechanisms of exchange through which this happens are much less studied. Generally, a static analysis of product exchange, incorporating new technology, has been undertaken. This book explores the transition of trade in ideas from an exchange largely within firms and nations to an exchange between firms and nations. This process has been going on since the beginning of the patent system, where importing (trading) technology was made policy in 1474, more than 500 years ago. However, during the past 25-30 years, a growth in exchange of technology between specialized firms, cooperating based on patent licensing, has been phenomenal, with annual licensing transactions exceeding a trillion dollars, not counting value of cross-licensing. Such specialized exchange has been seen in history but not at this scale and level of coordination. Using principles of experimental economics, the author investigates the licensing contract and mechanisms of exchange (rules of trade) as this exchange moves towards organized markets with prices. A key issue concerns the effect of introducing demand side bidding, through which the patent system introduces specialization and multiple use of the same technology in different new products, thus expanding the use of technology a firm has to more actors, products, and consumers. The risk and uncertainty in market access for cheaper, better and unique products and services are reduced through new and competitive technology. Questions raised are related to the “optimal” integration of information and rules in dynamic exchange of patents through institutions. The view presented shows how inventors and traders can sell their intellectual property to buyers in a producer market, in this case in licensing contracts on patents, to diversify risk and monetize value based on an experimental economic study where the performance and behavioral properties of these institutions is the object of investigation. More fundamentally the work illustrates the theoretical, design, and patent system policy issues in a transition from personal to impersonal trade in ideas. This book explores the transition of trade in ideas from an exchange largely within firms and nations to an exchange between firms and nations. This process has been going on since the beginning of the patent system, where importing (trading) technology was made policy in 1474, more than 500 years ago. However, during the past 25-30 years, a growth in exchange of technology between specialized firms, cooperating based on patent licensing, has been phenomenal, with annual licensing transactions exceeding a trillion dollars, not counting value of cross-licensing. Such specialized exchange has been seen in history but not at this scale and level of coordination. Using principles of experimental economics, the author investigates the licensing contract and mechanisms of exchange (rules of trade) as this exchange moves towards organized markets with prices. A key issue concerns the effect of introducing demand side bidding, through which the patent system introduces specialization and multiple use of the same technology in different new products, thus expanding the use of technology a firm has to more actors, products, and consumers. The risk and uncertainty in market access for cheaper, better and unique products and services are reduced through new and competitive technology. Questions raised are related to the “optimal” integration of information and rules in dynamic exchange of patents through institutions. The view presented shows how inventors and traders can sell their intellectual property to buyers in a producer market, in this case in licensing contracts on patents, to diversify risk and monetize value based on an experimental economic study where the performance and behavioral properties of these institutions is the object of investigation. More fundamentally the work illustrates the theoretical, design, and patent system policy issues in a transition from personal to impersonal trade in ideas.
Book Synopsis The Dignity of Commerce by : Nathan B. Oman
Download or read book The Dignity of Commerce written by Nathan B. Oman and published by University of Chicago Press. This book was released on 2017-01-19 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why should the law care about enforcing contracts? We tend to think of a contract as the legal embodiment of a moral obligation to keep a promise. When two parties enter into a transaction, they are obligated as moral beings to play out the transaction in the way that both parties expect. But this overlooks a broader understanding of the moral possibilities of the market. Just as Shakespeare’s Shylock can stand on his contract with Antonio not because Antonio is bound by honor but because the enforcement of contracts is seen as important to maintaining a kind of social arrangement, today’s contracts serve a fundamental role in the functioning of society. With The Dignity of Commerce, Nathan B. Oman argues persuasively that well-functioning markets are morally desirable in and of themselves and thus a fit object of protection through contract law. Markets, Oman shows, are about more than simple economic efficiency. To do business with others, we must demonstrate understanding of and satisfy their needs. This ability to see the world from another’s point of view inculcates key virtues that support a liberal society. Markets also provide a context in which people can peacefully cooperate in the absence of political, religious, or ideological agreement. Finally, the material prosperity generated by commerce has an ameliorative effect on a host of social ills, from racial discrimination to environmental destruction. The first book to place the moral status of the market at the center of the justification for contract law, The Dignity of Commerce is sure to elicit serious discussion about this central area of legal studies.
Book Synopsis The Nature of the Firm by : Oliver E. Williamson
Download or read book The Nature of the Firm written by Oliver E. Williamson and published by Oxford University Press, USA. This book was released on 1993 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume features a series of essays which arose from a conference on economics, addressing the question: what is the nature of the firm in economic analysis? This paperback edition includes the Nobel Lecture of R.N. Case.
Book Synopsis What We Owe Each Other by : Minouche Shafik
Download or read book What We Owe Each Other written by Minouche Shafik and published by Princeton University Press. This book was released on 2022-08-23 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: From one of the leading policy experts of our time, an urgent rethinking of how we can better support each other to thrive Whether we realize it or not, all of us participate in the social contract every day through mutual obligations among our family, community, place of work, and fellow citizens. Caring for others, paying taxes, and benefiting from public services define the social contract that supports and binds us together as a society. Today, however, our social contract has been broken by changing gender roles, technology, new models of work, aging, and the perils of climate change. Minouche Shafik takes us through stages of life we all experience—raising children, getting educated, falling ill, working, growing old—and shows how a reordering of our societies is possible. Drawing on evidence and examples from around the world, she shows how every country can provide citizens with the basics to have a decent life and be able to contribute to society. But we owe each other more than this. A more generous and inclusive society would also share more risks collectively and ask everyone to contribute for as long as they can so that everyone can fulfill their potential. What We Owe Each Other identifies the key elements of a better social contract that recognizes our interdependencies, supports and invests more in each other, and expects more of individuals in return. Powerful, hopeful, and thought-provoking, What We Owe Each Other provides practical solutions to current challenges and demonstrates how we can build a better society—together.
Book Synopsis The Theory of the Firm by : Daniel F. Spulber
Download or read book The Theory of the Firm written by Daniel F. Spulber and published by Cambridge University Press. This book was released on 2009-04-13 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Theory of the Firm presents an innovative general analysis of the economics of the firm.
