bluuebunny/crossref_metadata_2025_split huggingface dataset:
Transaction Cost Economics and Organization Theory
Authors: Williamson Oliver E. 
Published: October 2003

Abstract
This paper focuses on connections between transaction cost economics and organization theory, and argues that a three‐part relation is taking shape. The first and most important of these is that transaction cost economics has been (and will continue to be) massively influenced by concepts and empirical regularities that have their origins in organization theory. Second, there are key concepts out of which transaction cost economics works to which organization theorists can (and many do) productively relate. Third, healthy tension survives – as revealed by an examination of phenomena for which rival interpretations have been advanced, remain unsolved, and provoke controversy. The essay is arranged as follows: some background is presented on institutional economics; a three‐level schema is proposed for studying economic organization; some of the more important ways in which transaction cost economics has benefitted from organization theory are examined; the key concepts in transaction cost economics are sketched; empirical regularities, as discerned through the lens of transaction cost economics, that are pertinent to organization theory are discussed; contested terrain (unresolved tensions) is surveyed; and concluding remarks are made.
Varieties of Hierarchies and Markets: an Introduction
Authors: Hamilton Gary G. , Feenstra Robert C. 
Published: October 2003

Abstract
The paper presents both a theoretical and an empirical argument that the concept of hierarchy in relation to business firms needs to be reconceptualized. In the theoretical discussion, a synthesis is developed between Ronald Coase's and O. E. Williamson's conception of a market/hierarchy dichotomy and M. Weber's distinction between economic power and authority. The authors hold that the authoritative aspects of hierarchies, especially within networks of firms, have independent effects on the formation of market economies. An empirical demonstration is given of the relevance of this reconceptualization in an analysis of the economies of South Korea and Taiwan. The two case studies show that two different types of authoritative interfirm networks, one vertically arranged (Korea) and the other horizontally arranged (Taiwan), substantially shape the performance of these economies.
Information, Knowledge, Vision and Theories of the Firm
Authors: Fransman Martin 
Published: October 2003

AbstractThis paper has the following purposes. The first is to demonstrate that many of the best‐known approaches to the firm in economics have in common a starting‐point that sees the firm as a response to information‐related problems. The second purpose is to review critically some of these approaches on the basis of the internal structure of their arguments, and the third is to analyse some of the limitations of the ‘information‐related paradigm’ in the light of the distinction that, it is argued, must be drawn between ‘information’ and ‘knowledge’. The last purpose is to propose some additional approaches to the firm that merit further exploration. The seven sections of the essay are: Purposes; Introduction; The Firm as Response to Information‐Related Problems; The Firm as a Repository of Knowledge; The IBM Paradox—an examination of the downfall of IBM; Implications for the Theory of the Firm; and Conclusion.
The Dynamic Capabilities of Firms: An Introduction
Authors: Teece David , Pisano Gary 
Published: October 2003

AbstractAn expanded paradigm is needed to explain how the competitive advantage of firms is gained and held. Firms resorting to ‘resource‐based strategy’ attempt to accumulate valuable technology assets and employ an aggressive intellectual property stance, but winners in the global marketplace have been firms demonstrating timely responsiveness and rapid and flexible product innovation, along with the management capability to effectively coordinate and redeploy internal and external competences. This source of competitive advantage – dynamic capabilities – emphasizes two aspects: first, it refers to the shifting character of the environment; second, it emphasizes the key role of strategic management in appropriately adapting, integrating, and re‐configuring internal and external organizational skills, resources, and functional competences towards changing environment. Researchers have only recently begun to focus on the specifics of developing firm‐specific capabilities and the manner in which competences are renewed to respond to shifts in the business environment; the dynamic capabilities approach provides a coherent framework within which to integrate existing conceptual and empirical knowledge, and facilitate prescription. This paper (1) argues that the competitive advantage of firms stems from dynamic capabilities rooted in high‐performance routines operating inside the firm, embedded in the firm's processes, and conditioned by its history, and (2) offers dynamic capabilities as an emerging paradigm of the modern business firm that draws on multiple disciplines and advances; industry studies in the Untied States and elsewhere are used as examples.
Uneven (and Divergent) Technological Accumulation Among Advanced Countries: Evidence and a Framework of Explanation
Authors: Patel Parimal , Pavitt Keith 
Published: October 2003

AbstractEvidence is presented for the advanced OECD countries of uneven and divergent patterns of technological accumulation and the persistence of technology gaps. It is shown that ‘global’ firms will not smooth out the differences, since their technological activities are strongly influenced by conditions in their own countries. Possible causes of uneven development are discussed, and it is suggested that – in addition to diversity in cumulative technological trajectories – the divergent patterns reflect international differences in the capacities of management, financial, and training institutions properly to evaluate – and exploit – the learning benefits of technological investments. For these reasons, it is concluded that technological gaps among the advanced OECD countries are here to stay.
Public Economics in Action
Authors: Atkinson A. B. 
Published: October 2003

AbstractThe book provides an introduction to the key ideas of public economics. For this purpose, it takes as a case study the proposal for a basic income financed by a flat tax on all income. This radical reform of the income tax and social security systems has generated wide interest. The book reviews different areas of public economics: the theory of optimum taxation, public choice theory, general equilibrium analysis of incidence, numerical tax‐benefit modelling, and econometric studies of work incentives. The author does not argue for or against the basic income proposal but believes that it should be on the agenda for serious discussion.
The Business of Economics
Authors: Kay John 
Published: October 2003

AbstractThe first section of the book is concerned with how economics is, and should be used, in business. It stresses that the value of economics lies in being able to provide us with a better understanding of social and commercial issues, rather than help us forecast economic trends. Similarly, it provides a direction for the development of management science as a means of understanding the behaviour of firms.The second section of the book examines the application of economics to the central strategic issues facing firms – their choice of activities and markets. It provides an exposition of the resource‐based theory of strategy, which examines the dynamics of the successes and failures of firms by reference to their distinctive capabilities.The next section develops some broader themes that are suggested by the resource‐base view of strategy that recognizes the importance of corporate personality. This perception implies that large companies are fundamentally social institutions and the economic and social consequences of this result are examined.The final section is a collection of shorter essays, which are designed to illustrate how business economics can be used to analyse a range of individual commercial issues such as pricing positioning and the evolution of industry structure.
Corporate Governance
Authors: Kay John 
Published: October 2003

Abstract
This chapter explores some of the policy implications of the view that the large successful corporation is a social institution rather than the creation of private contract, embodying a corporate personality and incapable of being “owned” by any one. It puts forward a series of proposals whose objective is to give executive management the greatest possible freedom to develop the business over a period of years in whatever way they think fit, while holding them rigorously responsible to all the parties involved in the business for their performance in the long run.
Applying Economics
Authors: Kay John 
Published: October 2003

Abstract
This chapter explores the economics of several everyday issues. The first part explains the determinants of different salaries, while the second explains why brands are so valuable. The next part discusses the differences in prices across countries and the overall trend of falling prices. Finally, the last part discusses an example of what David Henderson has called ‘DIY economics’ – the fallacies which people who have not studied economics know to be self‐evident truths.
On Custom in the Economy
Authors: Schlicht Ekkehart 
Published: October 2003

AbstractCustom is an integral part of the institutional matrix of modern economies. Market processes hinge crucially on custom, which in turn affect these processes. The book proposes a theory of custom that emphasizes the motivational force that arises from the individual's striving for coherence and justification. It depicts custom as comprising habitual, cognitive, and emotional aspects and explains that market transactions rely on customary entitlements and obligations. The motivational force of custom emerges from a preference for regularity and a desire for coherence that tie cognition, emotion, and action together. The view is applied to the theory of property, the theory of the law, the theory of the firm, and the problem of the division of labour and the conditions under which that division of labour is better organized by the firm or by the market.
Introduction
Authors: Schlicht Ekkehart 
Published: October 2003

Abstract
Custom is important in moulding social and economic interaction. It eases them in some dimensions and constrains them in others. A widespread view of custom is to interpret it as a self‐sustaining system of conventions. The view presented here goes further and accounts for the behavioural impact of custom beyond competitive success. The theory proposed is neither ‘economistic’ in the sense of looking only for external instrumental reasons for the growth and decay of customs, nor ‘culturalistic’ in the sense of exclusively emphasizing cognitive and emotional regularities that bring about custom. Rather, it views custom as flowing from fundamental cognitive, emotional, and behavioural dispositions of human beings, thereby integrating economistic and culturalistic aspects.
Adaptive Custom
Authors: Schlicht Ekkehart 
Published: October 2003

AbstractBecause custom is only vaguely defined with respect to its scope and content, this gives rise to the problem of erosion: people will bend the rules of custom in ambiguous cases by slightly underperforming or overperforming. This changes what is normal and thereby shifts the custom in response to other motives and incentives over time. A constraining custom must be expected to eventually disappear, for instance. Critical mass effects can be expected to be undermined by such erosion.
Custom and Style
Authors: Schlicht Ekkehart 
Published: October 2003

AbstractSurveys the view developed so far. The human mind has a propensity to form rules. This makes learning possible. At the same time, humans are endowed with a preference for rule following, for making rules, and for a match between emotion, cognition, and action. Emotion can be interpreted as brought about by this desire.The view maintained in this book is contrasted with the prevailing (‘strategic’) interpretation of custom as a system of conventions. Because rule formation is not an exclusively social phenomenon, it is erroneous to interpret rules exclusively in terms of interaction. Interaction builds on rules and their cognitive, emotional, and habitual entailments, but cannot explain rule formation itself. The emergence of entitlements and obligations may be understood from this perspective, giving rise to transactions. Further, the rules of custom form a system. Overall coherence is brought about as a matter of style.
Property
Authors: Schlicht Ekkehart 
Published: October 2003

AbstractThe theory of property proposed by David Hume can be interpreted as an application of the theory developed in this book. The tension between instrumental and moral aspects of property can be traced to principles of clarity. Hume's theory is outlined, discussed from an ethological perspective, and related to the theory of property rights. The tension between ‘moral’ and ‘instrumental’ aspects of property is particularly pronounced in long‐term contracts.
The Law
Authors: Schlicht Ekkehart 
Published: October 2003

AbstractThe law is closely related to custom. It may be understood as brought about by the same tendencies that bring about custom. The tension between natural law and legal positivism may be understood in terms of these tendencies. The view is contrasted with the evolutionary view of the law that overemphasizes instrumental concerns and largely neglects the ‘organic’ aspects of the system of law.
The Firm
Authors: Schlicht Ekkehart 
Published: October 2003

Abstract
Starts with some general comments on the fuzziness of theoretical concepts that point to real phenomena and defends the view that the firm may be understood as a social entity, rather than a nexus of contracts among individuals. The firm uses several mechanisms of control at once: authority, rewards, and duty. These mechanisms relate to each other and support each other. The productivity of the firm is brought about by this type of tight alignment that builds on the same cognitive, behavioural, and emotional tendencies that shape custom.
The Division of Labour
Authors: Schlicht Ekkehart 
Published: October 2003

Abstract
Smith's theorem—that the division of labour is limited by the extent of the market—is explained. But there exists another limitation to the division of labour that relates to the nature of the task. Further, the division of labour can be coordinated alternatively by markets or by the coordination mechanisms available within firms that rely heavily on custom. It is argued that coordination within firms entails productivity advantages at the expense of inflexibility in certain dimensions, whereas the market requires standardization of some sort, but is more flexible in other ways.
Inefficient Markets
Authors: Shleifer Andrei 
Published: October 2003

AbstractThis book describes an approach, alternative to the theory of efficient markets, to the study of financial markets: behavioural finance. It begins by assessing the efficient market hypothesis, emphasising how some of its foundations are contradicted by psychological and institutional evidence. It then introduces the theory of behavioural finance and devotes the rest of the book to explore its main aspects, concentrating on the role and characteristics of noise traders, arbitrageurs, and investors. Chapters 2 through 4 focus on the limits imposed on arbitrage by factors such as risk aversion or agency problems. Two crucial conclusions are reached. First, plausible theories of arbitrage do not lead to the prediction that markets are efficient—quite the opposite. Second, the recognition that arbitrage is limited, even without specific assumptions about investor sentiment, generates new empirically testable predictions, some of which have been confirmed in the data. Chapters 5 and 6 centre on how investor sentiments are built, emphasising some empirical violations to the idea of efficient markets such as price bubbles. The book concludes suggesting that the theory of behavioural finance is indeed more effective that the efficient market theory in explaining some financial evidence.
The Closed End Fund Puzzle
Authors: Shleifer Andrei 
Published: October 2003

Abstract
Begins by describing the closed end fund puzzle and enumerating some of the standard accounts that have been used to explain it. Then, applying the model developed in the previous chapter, the author comes to the conclusion that the apparent puzzle could be interpreted in terms of the influence of (individual) investors sentiments on securities prices. This interpretation, in turn, provides some useful hypotheses that are tested with evidence from the US, proving that behavioural finance theory can provide testable predictions.
A Model of Investor Sentiment
Authors: Shleifer Andrei 
Published: October 2003

AbstractStudies how investors form their beliefs. It begins with an overview of some of the empirical violations of market efficiency that recent models of investor sentiment try to address. It then presents an alternative model motivated by the idea that, in forecasting future earnings, investors interpret data on recent past earnings conservatively and using the representativeness heuristic. The simple model is consistent with both psychological evidence and the evidence from security price. At the end, some possible extensions are discussed.
Open Problems
Authors: Shleifer Andrei 
Published: October 2003

AbstractSummarises some of the successes of behavioural finance and shows how this field can inform the analysis of broader questions in economics. It begins with some of the open issues in security valuation. It then moves to the study of real consequences of financial markets on corporate finance and real investment, and evaluates the role of public policies. It concludes by enumerating 20 broad problems in behavioural finance.
Working in a Federal Agency: Social Ostracism and Discrimination
Authors: King Desmond 
Published: October 2003

Abstract
King explains how segregated race relations, tolerated by the federal government, facilitated discrimination and inequality of treatment for Black Americans in federal departments and agencies. He focuses particularly on the two decades after Franklin Roosevelt's 1932 election and the effects of wartime mobilization. Moreover, King presents an occupational profile of the almost universally lowly positions attained by Black employees in government, and uses hearings from the Fair Employment Practice Committee (FEPC) and its successor bodies to examine how discrimination flourished and persisted within the ‘separate but equal’ framework.
‘A Great Shadow Over Our “Civil Rights” ’: Fighting for the Government
Authors: King Desmond 
Published: October 2003

Abstract
Explores segregation in the military and resistance to its abolition ever since the founding of the country and the War of Independence to President Truman's 1947 Committee on Civil Rights and well into the 1960s. King examines original transcripts of testimony before Truman's committee and other investigations into segregation especially prior to and during the Second World War. He also looks at the policies and reports of the American Navy, Marine Corps, and the Army as well as those of Black American soldiers stationed abroad in Britain and Europe. Throughout the chapter, he traces the tensions arising from the war's premise to promote democracy in the new global community while tolerating the suppression of civil rights domestically.
The Federal Government in a Segregated Society: Public Employment Exchanges and Housing Programmes
Authors: King Desmond 
Published: October 2003

Abstract
King examines how interventions of the American federal government—namely, the United States Employment Service (USES), federal mortgage assistance, and public housing programmes—mirrored the segregationist order in which they were installed, thus consolidating residential separation by race. According to King, not only did USES discriminate in their job placements but also in its field office facilities and staff; he also shows how the anti‐discrimination policies of the USES were failures and explores the reasons. Next, King traces the evolution of federal public housing and mortgage assistance programmes, focusing especially on the policies of the US Federal Housing Authority (FHA) and responses from organizations such as the National Association for the Advancement of Colored People (NAACP).
Conclusion
Authors: King Desmond 
Published: October 2003

Abstract
King explores the position of Black Americans in the Federal government since the 1964 Civil Rights Act, which he claims empowered the US Department of Justice extensively to investigate and prosecute discrimination and other abuses of citizens’ rights. He provides numerous table and data documenting improvements for Black Americans, both in terms of numbers and promotions within federal government employment positions. King concludes by examining multiple legacies of the US federal government's collusion in maintaining segregated relations for contemporary American politics.
Education and the Politics of Virtue
Authors: Callan Eamonn 
Published: October 2003

Abstract
Liberal politics is often misrepresented as repugnant to state support—e.g. through educational policy—for any particular ideal of virtuous character. This is a misrepresentation because liberal institutions can only flourish given the widespread social currency of liberal ideals of character, and this in turn presupposes that educational institutions are wedded to that ideal. This point undermines much communitarian criticism of liberalism. The tension between democratic and liberal ideals in political education is briefly explored.
Justice, Care, and Community
Authors: Callan Eamonn 
Published: October 2003

Abstract
The ethic of care has been advocated by some feminist scholars as an alternative to justice, and hence, as the aim of an alternative conception of political education. This view is shown to be mistaken because it rests on an artificial bifurcation of justice and care: neither the justice nor moral care worth having can be characterized adequately in abstraction from each other. That said, the idea of care insofar as it figures in caring attachment to a particular community of self‐rule—patriotism, in other words—may significantly augment virtue of justice by mitigating the conflicts of interest that threaten a stable liberal regime.
The Great Sphere and Rights
Authors: Callan Eamonn 
Published: October 2003

Abstract
If we agree on the ends of political education, we may yet disagree about what the state may permissibly do to prosecute those ends. Disagreement on the latter is often prompted by considerations of parents’ rights. By according a necessary role to autonomy among the ends of political education, the theory defended in this book conflicts with the educational aspirations, and hence potentially with the rights, of parents who seek to perpetuate a way of life at odds with the demands of autonomy. It is shown that if a liberal political education respects the rights of children, it will at least require a degree of autonomous development necessary to surmount the state of ethical servility.