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| Author: | Hart, O. |
| Title: | Economica Coase lecture reference points and the theory of the firm |
| Journal: | Economica
2008 : AUG, VOL. 75:299, p. 404-411 |
| Index terms: | theory of the firm markets transaction costs labour costs |
| Language: | eng |
| Abstract: | It is argued to have been hard to make progress on Coase's theory of the firm agenda due to the difficulty of formalizing haggling costs. Proposed is an approach trying to move things forward using the idea of aggrievement costs. It is applied to the question of whether a transaction should be placed inside a firm (in-house production) or in the market place (outsourcing). |
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