Author
Oliver E. Williamson
Other affiliations: University of California, University of Pennsylvania, Indiana University ...read more
Bio: Oliver E. Williamson is an academic researcher from University of California, Berkeley. The author has contributed to research in topics: Transaction cost & Corporate governance. The author has an hindex of 80, co-authored 191 publications receiving 117766 citations. Previous affiliations of Oliver E. Williamson include University of California & University of Pennsylvania.
Papers published on a yearly basis
Papers
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01 Jan 2001
TL;DR: In this article, the economics of property rights have been studied and applied to externalities, common pool problems, variable access, the theory of the firm, rent seeking, economic development and reform, and de facto property rights.
Abstract: Property rights concepts and thinking go back to antiquity, but it was only in the 1960s, when the concept of transaction costs was introduced into the analysis of property rights by Ronald Coase, that the modern treatment of property rights got underway. Applications to externalities, common pool problems, variable access, the theory of the firm, rent seeking, economic development and reform, and de facto property rights are sketched. Although property rights concepts and property rights thinking have gone a long way to reshape our understanding of economic institutions and effect public policy reform, the early ambitions of the economics of property rights have been realized incompletely. Here, as elsewhere, there can be too much of a good thing. Examples include unduly sanguine recommendations to jetison regulation, over-reaching interpretations of the modern corporation, and undue reliance on mass and rapid privatization as the way to implement economic reform.
10 citations
Journal Article•
10 citations
01 Jan 1983
TL;DR: Antitrust, which once enjoyed widespread support, has come under withering attack from a variety of quarters recently as discussed by the authors, and many of the critics regard antitrust as an anachronism, and openly counsel that it be abolished.
Abstract: Antitrust, which once enjoyed widespread support, has come under withering attack from a variety of quarters recently. Many of the critics regard antitrust as an anachronism, and openly counsel that it be abolished. But some hold the opposite view. They urge that antitrust enforcement be strengthened, and recall the Warren Court years with nostalgia.
10 citations
Posted Content•
TL;DR: The Transaction Cost Economics Project (TCE) as mentioned in this paper is an example of such a project and has been widely used in the literature, including in the field of finance and economics.
Abstract: My discussion of the Transaction Cost Economics Project is in three parts. Section 1 addresses the question, what is Transaction Cost Economics (TCE)? Section 2 deals with How did I get involved? Section 3 looks to the future.
10 citations
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TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
49,666 citations
TL;DR: In this article, the authors examined the link between firm resources and sustained competitive advantage and analyzed the potential of several firm resources for generating sustained competitive advantages, including value, rareness, imitability, and substitutability.
46,648 citations
TL;DR: In this paper, the authors argue that rational actors make their organizations increasingly similar as they try to change them, and describe three isomorphic processes-coercive, mimetic, and normative.
Abstract: What makes organizations so similar? We contend that the engine of rationalization and bureaucratization has moved from the competitive marketplace to the state and the professions. Once a set of organizations emerges as a field, a paradox arises: rational actors make their organizations increasingly similar as they try to change them. We describe three isomorphic processes-coercive, mimetic, and normative—leading to this outcome. We then specify hypotheses about the impact of resource centralization and dependency, goal ambiguity and technical uncertainty, and professionalization and structuration on isomorphic change. Finally, we suggest implications for theories of organizations and social change.
32,981 citations
TL;DR: In this paper, the concept of social capital is introduced and illustrated, its forms are described, the social structural conditions under which it arises are examined, and it is used in an analys...
Abstract: In this paper, the concept of social capital is introduced and illustrated, its forms are described, the social structural conditions under which it arises are examined, and it is used in an analys...
31,693 citations
TL;DR: In this paper, the authors argue that the ability of a firm to recognize the value of new, external information, assimilate it, and apply it to commercial ends is critical to its innovative capabilities.
Abstract: In this paper, we argue that the ability of a firm to recognize the value of new, external information, assimilate it, and apply it to commercial ends is critical to its innovative capabilities. We label this capability a firm's absorptive capacity and suggest that it is largely a function of the firm's level of prior related knowledge. The discussion focuses first on the cognitive basis for an individual's absorptive capacity including, in particular, prior related knowledge and diversity of background. We then characterize the factors that influence absorptive capacity at the organizational level, how an organization's absorptive capacity differs from that of its individual members, and the role of diversity of expertise within an organization. We argue that the development of absorptive capacity, and, in turn, innovative performance are history- or path-dependent and argue how lack of investment in an area of expertise early on may foreclose the future development of a technical capability in that area. We formulate a model of firm investment in research and development (R&D), in which R&D contributes to a firm's absorptive capacity, and test predictions relating a firm's investment in R&D to the knowledge underlying technical change within an industry. Discussion focuses on the implications of absorptive capacity for the analysis of other related innovative activities, including basic research, the adoption and diffusion of innovations, and decisions to participate in cooperative R&D ventures. **
31,623 citations