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Markets and Hierarchies: Analysis and Antitrust Implications A Study in the Economics of Internal Organization Oliver E. Williamson University of Pennsylvania the FREE PRESS'D A Division of macmillan publishing co., inc.
Markets and Hierarchies: Analysis and Antitrust Implications A Study in the Economics of Internal Organization Oliver E. Williamson University of Pennsylvania the FREE PRESS'D A Division of macmillan publishing co., inc.
Markets and Hierarchies: Analysis and Antitrust Implications A Study in the Economics of Internal Organization Oliver E. Williamson University of Pennsylvania the FREE PRESS'D A Division of macmillan publishing co., inc.
Implications A Study in the Economics of Internal Organization Oliver E. Williamson University of Pennsylvania THE FREE PRESS ' D A Division of Macmillan Publishing Co., Inc. NEW YORK Collier Macmillan Publishers LONDON Contents PREFACE xi INTRODUCTION XV CHAPTER 1 TOWARD A NEW INSTITUTIONAL ECONOMICS 1 1. Some Antecedents 2. A Preliminary Statement of the Organizational Failures Framework 3. Three Illustrations CHAPTER 2 THE ORGANIZATIONAL FAILURES FRAMEWORK 20 1. Bounded Rationality and Uncertainty/Complexity 2. Opportunism and Small Numbers 3. Information Impactedness 4. Atmosphere 5. Summary Remarks CHAPTER 3 PEER GROUPS AND SIMPLE HIERARCHIES 41 1. Peer Group Associations 2. Peer Group Limitations 3. Simple Hierarchy 4. Involvement 5. Concluding Remarks CHAPTER 4 UNDERSTANDING THE EMPLOYMENT RELATION 57 1. Remarks on the Labor Economics Literature 2. Technology: Conventional and Idiosyncratic Considerations 3. Individualistic Bargaining Models 4. The Efficiency Implications of Internal Labor Market Structures 5. Concluding Remarks CHAPTER 5 INTERMEDIATE PRODUCT MARKETS AND VERTICAL INTEGRATION 82 1. Prior Literature: A Transactional Interpretation . 2. Static Markets 3. Sales Contracts for Component Supply 4. Unified Ownership of Plant and Equipment: Simple Hierarchy Extended V111 CONTENTS 5. Complex Hierarchy: The Employment Relation Extended 6. Forward Integration into Wholesaling 7. Concluding Remarks CHAPTER 6 VERTICAL INTEGRATION, II: SOME QUALIFICATIONS 106 1. Interfirm Exchange: Some Qualifications 2. Possible or Purported Antisocial Consequences 3. Antitrust Implications CHAPTER 7 LIMITS OF VERTICAL INTEGRATION AND FIRM SIZE 117 1. Internalizing the Incremental Transaction: Some Disabilities 2. Size Considerations 3. Incentive Limits of the Employment Relation 4. Concluding Remarks CHAPTER 8 THE MULTIDIVISIONAL STRUCTURE 132 1. The Unitary Form Enterprise 2. Organizational Innovation: The Multidivisional Structure 3. Competition in the Capital Market 4. Optimum Divisionalization 5. The "M-form hypothesis" and Concluding Remarks Appendix: A Classification Scheme CHAPTER 9 CONGLOMERATE ORGANIZATION 155 1. The Affirmative Emphasis 2. Competition in the Capital Market 3. Public Policy Issues 4. Some Evidence 5. Concluding Remarks CHAPTER 10 MARKET STRUCTURE IN RELATION TO TECHNICAL AND ORGANIZATIONAL INNOVATION 176 1. Technical Innovation and Market Structure: The Conventional Dichotomy 2. Technical Innovation and Market Structure: Refinements 3. Organizational Innovation and Market Structure 4. A Systems Approach CHAPTER 11 DOMINANT FIRMS AND THE MONOPOLY PROBLEM 208 1. The Current Approach to Unlawful Monopolization 2. A Market Failure Interpretation of Dominance 3. Government Intervention and Market Failure 4. Remedies for Structural Dominance CONTENTS IX 5. Application to the Structure-Conduct Controversy 6. Dominant Firms and the Organizational Failures Framework 7. Conclusion CHAPTER 12 OLIGOPOLY: INTERFIRM VERSUS INTRAFIRM ORGANIZATION 234 1. Some Antecedents 2. Oligopoly Regarded as a Problem of Contracting 3. The Contracting Approach and Prior Treatments Contrasted 4. Policy Implications: Dominant Firms versus Oligopolistic Interdependence CHAPTER 13 CONCLUSIONS 248 1 Toward a Transactional Paradigm 2. The Organizational Failures Framework and Hierarchy 3. Antitrust Implications 4. Some Directions for Future Research BIBLIOGRAPHY 264 INDEX 279