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| Author: | Saussier, S. |
| Title: | Transaction costs and contractual incompleteness: The case of Electricite de France |
| Journal: | Journal of Economic Behavior and Organization
2000 : JUN, VOL. 42:2, p. 189-206 |
| Index terms: | Economic theory Contracts Transaction costs Electricity supply industry Companies Models France Europe |
| Language: | eng |
| Abstract: | This paper explores the incompleteness of inter-firm contracts through the lens of recent developments in transaction cost economies. A non-truncated contract database is built representing all the relationships of Electricite de France (EDF) with its coal-carriers over the period 1977-1997. Most propositions derived from transaction cost theory relating contractual incompleteness to transaction characteristics are tested and corroborated, even when the complete set of the theory's propositions by endogeneizing the asset specificity at stake in transactions is considered. To the knowledge, this kind of test has never been conducted before. |
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