Vertical intergration is an organizational response to the contracting difficulties that attend intermediate product markets where trades that are supported by transaction-specific assets are exposed to hazard.
asset attend contract
Oliver E. Williamson
These are some quotes by American author Oliver E. Williamson Economist, who was born on September 27, 1932.
Quotes by Oliver E. Williamson
The remediableness criterion is an effort to deal symmetrically with real world institutions, both public and private, warts and all. The criterion is this: an extant mode of organization for which no superior feasible form of organization can be described and implemented with expected net gains is presumed to be efficient.
