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Transactions cost and boundary of the firm

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  • Robert Vitík

Abstract

This paper presents the basics of the Transaction cost theory (TCT) and shows it's contribution to the Theory of the firm by the view of the new institutional economics. In the first part, author presents resources and presumptions of the TCT mainly by O. E. Williamson. The theory is based on asset specificity. The formal model with the human asset specificity is supposed to reply following questions. Why the firm arise and where is the boundary of the firm? In the second part, the model TCT is extending by knowledge-based explanations of the firm.

Suggested Citation

  • Robert Vitík, 2008. "Transactions cost and boundary of the firm," Ekonomika a Management, Prague University of Economics and Business, vol. 2008(3).
    • Handle: RePEc:prg:jnleam:v:2008:y:2008:i:3:id:31
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    References listed on IDEAS

    as
    1. Garrouste, Pierre & Saussier, Stephane, 2005. "Looking for a theory of the firm: Future challenges," Journal of Economic Behavior & Organization, Elsevier, vol. 58(2), pages 178-199, October.
    2. Williamson, Oliver E, 1973. "Markets and Hierarchies: Some Elementary Considerations," American Economic Review, American Economic Association, vol. 63(2), pages 316-325, May.
    3. William M. Dugger, 1987. "The Economic Institutions of Capitalism," Journal of Economic Issues, Taylor & Francis Journals, vol. 21(1), pages 528-530, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Teorie transakčních nákladů; Boundary of the firm; Teorie firmy založená na znalostech; Theory of the firm; Teorie firmy; Knowledge-based view; Specifičnost lidských aktiv; Human asset specificity; Hranice firmy; Transaction cost theory;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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