Reference Points and the Theory of the Firm

In this article I argue that it has been hard to make progress on Coase's theory of the firm agenda because of the difficulty of formalizing haggling costs. I propose an approach that tries to move things forward using the idea of aggrievement costs, and apply it to the question of whether a transaction should be placed inside a firm (in-house production) or in the market place (outsourcing).

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Year of publication:	2007-10
Authors:	Hart, Oliver D.
Institutions:	National Bureau of Economic Research (NBER)

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Extent:	application/pdf
Series:	NBER Working Papers.
Type of publication:	Book / Working Paper
Notes:	CF LE published as Oliver Hart, 2008. "Economica Coase Lecture Reference Points and the Theory of the Firm," Economica, London School of Economics and Political Science, vol. 75(299), pages 404-411, 08. Number 13481
Classification:	D23 - Organizational Behavior; Transaction Costs; Property Rights ; D86 - Economics of Contract: Theory ; K12 - Contract Law
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005710747