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The Coasian market-firm dichotomy and subcontracting in the construction industry

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  • Lawrence Wai Chung Lai

Abstract

This is a contribution to the debate on the contractual nature of subcontracting in the construction industry by arguing, contrary to certain views in the literature on institutional and construction economics, that the Coasian firm-market dichotomy is not blurred or pointless. By reference to the type and number of contracts, the study offers a way to distinguish the firm from the market as well as the precise nature of subcontracting in terms of such distinction. Subcontracting is shown to be a nexus of Coasian firms interacting through the main contractor with a monopsony consumer in a Coasian market.

Suggested Citation

  • Lawrence Wai Chung Lai, 2000. "The Coasian market-firm dichotomy and subcontracting in the construction industry," Construction Management and Economics, Taylor & Francis Journals, vol. 18(3), pages 355-362.
    • Handle: RePEc:taf:conmgt:v:18:y:2000:i:3:p:355-362
    DOI: 10.1080/014461900370717
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    Cited by:

    1. Lawrence Wai-Chung Lai, 2014. "Planning by contract: two dialogues," Chapters, in: David Emanuel Andersson & Stefano Moroni (ed.), Cities and Private Planning, chapter 7, pages 135-152, Edward Elgar Publishing.
    2. Ping Yung, 2009. "Institutional arrangements and construction safety in China: an empirical examination," Construction Management and Economics, Taylor & Francis Journals, vol. 27(5), pages 439-450.

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