1 Organisations, Change and Management, The Department of Communication, Business and Information Technologies, Roskilde University2 The Department of Communication, Business and Information Technologies, Roskilde University
This paper attempts to generalize findings of the traditional literature of transaction cost economics (Willamson, 1971, 1973, 1975, 1985; Ouchi, 1980; Williamson & Ouchi 1981) by introducing more general factors or variables. Two of the most important of these are that asset specificity is replaced by a more general condition, vulnerability, and that the so-called market failure condition is replaced by a condition called contractual non-triviality. Sufficient conditions for non-triviality are found in terms of specific set of values for the basic set of factors.
Asset specificity; Bounded rationality; Complexity; Contract; Goal incongruence; Human behaviour; Incomplete contracting; Market failure; Mechanisms of protection; Opportunism; Ouchi, W.G.; Relational contracting; Transaction; Transaction cost; Uncertainty; Williamson, Oliver E.
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2nd Nordic Workshop on Interorganizational Research, 1992