2009 11 30 2009 2... 3?... 4 4... 5 6... 7!... 8... 11 12... 13... 14 Fundamental Transformation.... 15... 16... 17... 19... 20.... 21... 22?... 23... 24... 27 28... 29.... 30... 33... 35... 36... 37... 39 40 OrganizationsAreAMess... 41 1
...But Not A Mystery..... 42 43 2
2009 2 / 43 (economic governance) 2009 11 30 RIETI BBL 3 / 43? Avinash Dixit, Presidential Address delivered at the meeting of the American Economic Association, Jan. 4, 2009 (Dixit, 2009) 3 2009 11 30 RIETI BBL 4 / 43 4 Williamson (2000) L1 L2 L3 L4 2009 11 30 RIETI BBL 5 / 43 3
6 / 43 Coase (1937) c f c c f? 2009 11 30 RIETI BBL 7 / 43! Simon (1991) A mythical visitor from Mars,...approaches the Earth from space, equipped with a telescope that reveals social structures. large green areas interconnected by red lines 2009 11 30 RIETI BBL 8 / 43 4
! Simon (1991) A mythical visitor from Mars,...approaches the Earth from space, equipped with a telescope that reveals social structures. a network of red lines connecting green spots 2009 11 30 RIETI BBL 9 / 43! Simon (1991) A mythical visitor from Mars,...approaches the Earth from space, equipped with a telescope that reveals social structures....it might be surprised to hear the structure called a market economy. Wouldn t organizational economy be the more appropriate term? it might ask. The choice of name may matter a great deal... 2009 11 30 RIETI BBL 10 / 43 1. 2. 2 2009 11 30 RIETI BBL 11 / 43 5
12 / 43!! 2009 11 30 RIETI BBL 13 / 43 2009 11 30 RIETI BBL 14 / 43 Fundamental Transformation (vertical chain) () ( ) V v = v b + v s V v 2009 11 30 RIETI BBL 15 / 43 6
V v v b A 0 v s v V 2009 11 30 RIETI BBL 16 / 43 #1 (haggling costs) (maladaptation) 2009 11 30 RIETI BBL 17 / 43 V v v b A 0 v s v V 2009 11 30 RIETI BBL 18 / 43 7
#1 (haggling costs) (maladaptation) #2 ( ) Q1? Q2? 2009 11 30 RIETI BBL 19 / 43 (incomplete) (i) (ii) 2009 11 30 RIETI BBL 20 / 43 #1 #2 #3 2009 11 30 RIETI BBL 21 / 43 8
(a) (b) ( ) ( ) R&D (b) Lafontaine and Slade (2007) 2009 11 30 RIETI BBL 22 / 43? V M V F v f v m 0 1 2009 11 30 RIETI BBL 23 / 43 Williamson (1985, Chapter 6) ( )?! 2009 11 30 RIETI BBL 24 / 43 9
! Williamson (Williamson, 1985, Chapter 6) ( ) ( )! 2009 11 30 RIETI BBL 25 / 43 1. 2. ( ) 3. 2009 11 30 RIETI BBL 26 / 43 Both through his writings and his founding editorship of the Journal of Law, Economics and Organization, Oliver Williamson has contributed to eliminating many of the barriers to intellectual exchange among different disciplines of the social sciences. 2009 11 30 RIETI BBL 27 / 43 10
28 / 43 () Question? Not likely! (holdup problem) ( )? (property rights) 2009 11 30 RIETI BBL 29 / 43 Grossman and Hart (1986) Hart and Moore (1990) Hart (1995) Williamson (?) Williamson! (?) Grossman-Hart Williamson (Gibbons, 2005, p.201) ( ) ( ) 2009 11 30 RIETI BBL 30 / 43 11
2009 11 30 RIETI BBL 31 / 43 (a) (b) (c) (d) 2009 11 30 RIETI BBL 32 / 43 Holmstrom and Milgrom (1994) ( ) + ( ) s 1 ( ) s 2 s 3 s 4 2009 11 30 RIETI BBL 33 / 43 12
(a) (b) (c) s 1 ( ) s 2 s 3 s 4 2009 11 30 RIETI BBL 34 / 43 In my view, in order to make progress on the Coasian agenda, we must move away from Coase (1960) and back in the direction of Coase (1937). Hart (2007) Gibbons (2005) Four formal(izable) theories of the firm property-rights and incentive-systems theories rent-seeking and adaptation theories Baker et al. (2008) Hart and Holmstrom (2008) Hart (2009) 2009 11 30 RIETI BBL 35 / 43 [ 2 ] (Williamson, 1975) Williamson (1985, pp.83 4) 2009 11 30 RIETI BBL 36 / 43 13
(1982) Imai and Itami (1984) 2 (1) (2) M 1 M 2 O 1 O 2 2009 11 30 RIETI BBL 37 / 43 M 1 M 1 + O 1 O 1 M 2 M 2 + O 2 O 2 2009 11 30 RIETI BBL 38 / 43 Baker et al. (2002) Asset Ownership Non-integrated Integrated Social Spot Spot Outsourcing Spot Employment Structure Relational Relational Outsourcing Relational Employment 2009 11 30 RIETI BBL 39 / 43 14
40 / 43 Organizations Are A Mess V M V F v f v m 0 1 2009 11 30 RIETI BBL 41 / 43...But Not A Mystery... 2009 11 30 RIETI BBL 42 / 43 15
43 / 43 Economic Governance, compiled by the Economic Sciences Prize Committee of the Royal Swedish Academy of Sciences, 12 October 2009. George Baker, Robert Gibbons, and Kevin J. Murphy. Relational contracts and the theory of the firm. Quarterly Journal of Economics, 117:39 84, 2002 George P. Baker, Robert Gibbons, and Kevin J. Murphy. Strategic alliances: Bridges between islands of conscious power. Journal of the Japanese and International Economies, 22:146 163, 2008 Ronald Coase. The nature of the firm. Economica, 4:386 405, 1937 Avinash Dixit. Governance institutions and economic activity. American Economic Review, 99:5 24, 2009 Robert Gibbons. Four formal(izable) theories of the firm? Journal of Economic Behavior and Organization, 58:200 245, 2005 Sanford J. Grossman and Oliver D. Hart. The costs and benefits of ownership: A theory of vertical and lateral integration. Journal of Political Economy, 94:691 719, 1986 Oliver Hart. Firms, Contracts, and Financial Structure. Oxford University Press, Oxford, 1995 Oliver D. Hart. Reference points and the theory of the firm. NBER Working paper 13481, October 2007 Oliver Hart. Hold-up, asset ownership, and reference points. Quarterly Journal of Economics, 124:267 300, 2009 Oliver Hart and Bengt Holmstrom. A theory of firm scope. NBER Working Paper 14613, December 2008 Oliver Hart and John Moore. Property rights and the nature of the firm. Journal of Political Economy, 98: 1119 1158, 1990 Bengt Holmstrom and Paul Milgrom. The firm as an incentive system. American Economic Review, 84(4): 972 990, September 1994 Ken-ichi Imai and Hiroyuki Itami. Interpenetration of organization and market: Japan s firm and market in comparison with the u.s. International Journal of Industrial Organization, 2:285 310, 1984 Francine Lafontaine and Margaret Slade. Vertical integration and firm boundaries: The evidence. Journal of Economic Literature, 45:629 685, 2007 Herbert A. Simon. Organizations and markets. Journal of Economic Perspectives, 5:25 44, 1991 Oliver E. Williamson. Markets and Hierarchies: Analysis and Antitrust Implications. The Free Press, New York, 1975. 1980 Oliver E. Williamson. The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting. The Free Press, New York, 1985 Oliver E. Williamson. The new institutional economics: Taking stock, looking ahead. Journal of Economic Literature, 38:595 613, 2000 2008 11 pp.73 102 ( ) 2 11 24 16
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