Transaction-specific investments and organizational choice: a Coase-to-Coase theory

Thomas J. Miceli

Journal of Institutional Economics, 2015, vol. 11, issue 2, 283-299

Abstract: This paper examines markets, firms, and the law as alternative institutional arrangements for organizing transactions that involve transaction-specific investments and uncertain performance. The analysis is the logical extension of Coase's seminal analysis of the market-firm boundary on one hand, and the market-law boundary on the other. It thus combines insights from the literature on industrial organization and law and economics. The result is a unified framework that reveals the relative advantages and disadvantages, within a fairly simple economic setting, of market exchange, court ordering (contracts), and internal governance (agency).

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jinsec:v:11:y:2015:i:02:p:283-299_00

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