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Because corruption must be hidden from the public and is not enforced by courts it entails transaction costs, which are larger than those from legal exchange. This suggests that corrupt contracts are primarily relational contracts where legal exchange serves as a basis for sealing and enforcing...
Persistent link: https://www.econbiz.de/10005035550
indicates that given lower levels of opportunism, bilateral idiosyncratic investments and interpersonal trust enhance … opportunism, goal congruence becomes a more powerful safeguard, while interpersonal trust becomes less effective. Bilateral …Opportunism is a central construct in exchange theory. Economists contend that despite the firm's best efforts to erect …
Persistent link: https://www.econbiz.de/10009191879
have focused on informal arrangements and cooperation between firms, including informal relations, trust links, family … the costs of information and planning, and furthermore protect themselves from the hazards of opportunism. In doing so …
Persistent link: https://www.econbiz.de/10005557778
The paper deals with development of a general theory of the firm. It discusses the demand for such a theory, reviews existing approaches to its generalization, and offers a new variant of general theory of the firm based on the contract theory. The theory is based on minimization of...
Persistent link: https://www.econbiz.de/10010860817
Companies increasingly outsource IT-related tasks using reverse auction mechanisms embedded into online marketplaces. However, a considerable proportion of auctions at these marketplaces do not result in a contract between buyer and supplier. Extant literature mostly refers to costly bidding and...
Persistent link: https://www.econbiz.de/10005288814
В статье оппортунистическое поведение раскрывается как экономический феномен. Дано его определение в узком и широком смыслах. Рассмотрены формы и виды...
Persistent link: https://www.econbiz.de/10011235724
Companies increasingly outsource IT-related tasks using reverse auction mechanisms embedded into online marketplaces. However, a considerable proportion of auctions at these marketplaces do not result in a contract between buyer and supplier. Extant literature mostly refers to costly bidding and...
Persistent link: https://www.econbiz.de/10010731374
This paper examines the economic characteristics of construction procurement systems partially in terms of transaction cost economics and partly those of project management. It proposes the theoretical principle of an inconsistent trinity, according to which, in selecting a procurement system,...
Persistent link: https://www.econbiz.de/10005482504
Ronald Coase article from 1937, The Nature of the Firm, meant a new way of thinking and conceiving of the world, especially of economic organisations. Coase argued that the firm and the market represent two alternative ways to organise the same transactio
Persistent link: https://www.econbiz.de/10008512074
Companies increasingly outsource IT-related tasks using reverse auction mechanisms embedded into online marketplaces. However, a considerable proportion of auctions at these marketplaces do not result in a contract between buyer and supplier. Extant literature mostly refers to costly bidding and...
Persistent link: https://www.econbiz.de/10005450924