The Transaction Cost Economics Project: The Theory and Practice of the Governance of Contractual Relations

'As recognized by the Economics Sciences Prize Committee in awarding the 2009 Nobel Memorial Prize in Economics, Oliver Williamson altered irreversibly the way we approach and analyze organization. But such is the depth of Williamson's insights that often his contributions can only be fully appreciated in the context of real world organizational phenomena. It is thus not uncommon that, after struggling with some particularly thorny problem of economic organization, I will discover on rereading a familiar piece that Williamson had anticipated and already addressed the subject of my efforts. This collection contains the articles and chapters to which I most frequently return and provides the essential readings for anyone seriously interested in the science of organization.'- Scott Masten, University of Michigan, US'The presence of transaction costs greatly modifies the traditional picture of the allocation of resources through the market. It gives rise to many phenomena inexplicable in the simple market view and to problems of government policy. Oliver Williamson has been a leading figure in this analysis. His interpretations of corporate governance and of the complementarity between internal controls and the market have been the most profound in the literature. It is good that his leading essays are now available in collected form.'- Kenneth J. Arrow, Stanford University, US'Oliver Williamson's contributions to economics are certainly among the most important of the past several decades, and their importance will be increasingly recognized as economists come to grips with all that he has accomplished. This collection provides an unparalleled view of those contributions, and it belongs on the bookshelf of everyone who wants to understand complex economic transactions.'- David Kreps, Stanford University, US'This book provides a terrific opportunity to have a collection of Oliver Williamson's best papers on transaction cost economics all in one convenient volume.'- Paul L. Joskow, Alfred P. Sloan Foundation and MIT, US'Williamson's work on transaction cost economics has shaped the thinking of all social scientists about organizations and institutions. This volume reprints many of his seminal papers on the subject, and is valuable both as commemoration and for reference.'- Avinash Dixit, Princeton University, USTransaction cost economics has and continues to be a fruitful area of research. There is still much to be done in the field with past research being used in conjunction with the vast number of contractual phenomena that have yet to be investigated in transaction cost economics terms. New challenges are posed by the need to move beyond the design of new contractual instruments (such as financial derivatives) to include an examination of the lurking hazards that attend contract implementation.This important collection brings together Professor Williamson's key papers on transaction cost economics. It will be of benefit to academics, scholars and practitioners with an interest in this progressive subject.