Download or read book Toward Behavioral Transaction Cost Economics written by George Z. Peng and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adopting a critical realist position, this book renders transaction cost economics (TCE) into a behavioral theory of organizational decision-making by foregrounding psychological processes and introducing and integrating with effectuation theory. Consistent with its behavioral agenda, the book introduces the concept of uncertainty controllability and provides a clearer conceptualization and a novel modeling strategy of bounded rationality based on the conceptual separation of cognitive bounds from psychological 'rationalizing.' The book inspires new insights into the significance of cultural distance (CD). Based on the understanding that culture is socially-extended cognition, the author re-conceptualizes CD as reflecting cognitive bounds, and uses the biases arising from CD to contextualize effectuation and deepen the flat ontology of both TCE and effectuation theory. The book presents a full two-sided behavioral framework of organizational decision-making, with behavioral TCE and behavioral real options theory complementing each other to complete the full behavioral picture. Both sides are further linked to organizational learning, which reduces biases over time and thus drives governance structures toward more rational directions. The full framework uses prospect theory as the overarching theory that determines which side of the behavioral framework is relevant for the uncertainty of concern based on the different problem frames resulting from different degrees of uncertainty controllability. Because effectuation can take place on both sides of the framework based on competing risk logics, prospect theory serves to harmonize inconsistencies in the effectuation literature as a side note. This book applies the behavioral TCE side of the framework to the study of MNC subsidiary ownership decision-making process using a dataset of over 10,000 Japanese subsidiaries founded in 43 host countries. It concludes with a discussion of implications and future directions for TCE in general and international business in particular.

Download or read book Toward Behavioral Transaction Cost Economics written by George Z. Peng and published by Springer Nature. This book was released on 2020-10-26 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adopting a critical realist position, this book renders transaction cost economics (TCE) into a behavioral theory of organizational decision-making by foregrounding psychological processes and introducing and integrating with effectuation theory. Consistent with its behavioral agenda, the book introduces the concept of uncertainty controllability and provides a clearer conceptualization and a novel modeling strategy of bounded rationality based on the conceptual separation of cognitive bounds from psychological ‘rationalizing.’ The book inspires new insights into the significance of cultural distance (CD). Based on the understanding that culture is socially-extended cognition, the author re-conceptualizes CD as reflecting cognitive bounds, and uses the biases arising from CD to contextualize effectuation and deepen the flat ontology of both TCE and effectuation theory. The book presents a full two-sided behavioral framework of organizational decision-making, with behavioral TCE and behavioral real options theory complementing each other to complete the full behavioral picture. Both sides are further linked to organizational learning, which reduces biases over time and thus drives governance structures toward more rational directions. The full framework uses prospect theory as the overarching theory that determines which side of the behavioral framework is relevant for the uncertainty of concern based on the different problem frames resulting from different degrees of uncertainty controllability. Because effectuation can take place on both sides of the framework based on competing risk logics, prospect theory serves to harmonize inconsistencies in the effectuation literature as a side note. This book applies the behavioral TCE side of the framework to the study of MNC subsidiary ownership decision-making process using a dataset of over 10,000 Japanese subsidiaries founded in 43 host countries. It concludes with a discussion of implications and future directions for TCE in general and international business in particular.

Download or read book The Economics of Transaction Costs written by P. Rao and published by Springer. This book was released on 2002-12-03 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: In modern economies a substantial proportion of resources is increasingly allocated to transaction costs. An improvement in the definition of transaction costs to include both the information role and efficiency role requires an integration of the approaches of positive economics and normative economics. In The Economics of Transaction Costs P.K.Rao provides a comprehensive analytical treatment of the subject and suggests a few directions for formal economic models.

Download or read book Behavioral Economics written by Masao Ogaki and published by Springer. This book was released on 2018-02-05 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is intended as a textbook for a course in behavioral economics for advanced undergraduate and graduate students who have already learned basic economics. The book will also be useful for introducing behavioral economics to researchers. Unlike some general audience books that discuss behavioral economics, this book does not take a position of completely negating traditional economics. Its position is that both behavioral and traditional economics are tools that have their own uses and limitations. Moreover, this work makes clear that knowledge of traditional economics is a necessary basis to fully understand behavioral economics. Some of the special features compared with other textbooks on behavioral economics are that this volume has full chapters on neuroeconomics, cultural and identity economics, and economics of happiness. These are distinctive subfields of economics that are different from, but closely related to, behavioral economics with many important overlaps with behavioral economics. Neuroeconomics, which is developing fast partly because of technological progress, seeks to understand how the workings of our minds affect our economic decision making. In addition to a full chapter on neuroeconomics, the book provides explanations of findings in neuroeconomics in chapters on prospect theory (a major decision theory of behavioral economics under uncertainty), intertemporal economic behavior, and social preferences (preferences that exhibit concerns for others). Cultural and identity economics seek to explain how cultures and people’s identities affect economic behaviors, and economics of happiness utilizes measures of subjective well-being. There is also a full chapter on behavioral normative economics, which evaluates economic policies based on findings and theories of behavioral economics.

Download or read book Handbook of Behavioral Economics written by Society for the Advancement of Behavioral Economics (U.S.) and published by Greenwich, Conn. : JAI Press. This book was released on 1991 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Transaction Cost Economics and Beyond written by Michael Dietrich and published by Routledge. This book was released on 2008-01-28 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years transaction cost economics have come to dominate the discussion of the nature and organization of firms. In Transaction Costs Economics and Beyond Michael Dietrich offers a critical exploration of transaction costs. He argues that whilst they have much to offer, they are still an inadequate basis for a general theory of the firm. Drawing on theories of organizational behaviour as well as economics, he concludes by offering a theory of the firm that allows for both hierarchical and creative decision making.

Download or read book Why Smart People Make Big Money Mistakes and How to Correct Them written by Gary Belsky and published by Simon and Schuster. This book was released on 2009-12-26 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: Protect and grow your finances with help from this definitive and practical guide to behavioral economics—revised and updated to reflect new economic realities. In their fascinating investigation of the ways we handle money, Gary Belsky and Thomas Gilovich reveal the psychological forces—the patterns of thinking and decision making—behind seemingly irrational behavior. They explain why so many otherwise savvy people make foolish financial choices: why investors are too quick to sell winning stocks and too slow to sell losing shares, why home sellers leave money on the table and home buyers don’t get the biggest bang for their buck, why borrowers pay too much credit card interest and savers can’t sock away as much as they’d like, and why so many of us can’t control our spending. Focusing on the decisions we make every day, Belsky and Gilovich provide invaluable guidance for avoiding the financial faux pas that can cost thousands of dollars each year. Filled with fresh insight; practical advice; and lively, illustrative anecdotes, this book gives you the tools you need to harness the powerful science of behavioral economics in any financial environment.

Download or read book The Transaction Cost Economics Project written by Oliver E. Williamson and published by Edward Elgar Publishing. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transaction cost economics has and continues to be a fruitful area of research. There is still much to be done in the field with past research being used in conjunction with the vast number of contractual phenomena that have yet to be investigated in transaction cost economics terms. New challenges are posed by the need to move beyond the design of new contractual instruments (such as financial derivatives) to include an examination of the lurking hazards that attend contract implementation.

Download or read book Key Concepts in Organization Theory written by Ann L Cunliffe and published by SAGE. This book was released on 2012-08-16 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: From agency theory to power and politics, this indispensable guide to the key concepts of organization theory is your compass as you navigate through the often complex and abstract theories about the design and functioning of organizations. Designed to complement and elucidate your textbook or reading list, as well as introduce you to concepts that some courses neglect, this historical and interdisciplinary account of the field: - Helps you understand the basics of organization theory - Allows you to check your understanding of specific concepts - Fills in any gaps left by your course reading, and - Is a powerful revision tool Each entry is consistently structured, providing a definition of the concept and why it′s important to theory and practice, followed by a summary of current debates and a list of further reading. This companion will provide you with the nuts and bolts of an understanding that will serve you not just in your organization studies course, but throughout your degree and beyond. Key concepts include: agency theory; business strategy; corporate governance; decision making; environmental uncertainty; globalization; industrial democracy; organizational change; stakeholder theory; storytelling and narrative research; technology and organization structure.

Download or read book Contract Governance and Transaction Cost Economics written by Oliver E Williamson and published by World Scientific. This book was released on 2017-03-24 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together a collection of seven papers on Transaction Cost Economics by Nobel Laureate Professor Oliver E Williamson. The applications of Transaction Cost Economics are extensive, ranging from the field of industrial organization and applied fields of economics such as labor, public finance, comparative economic systems and economic development, to the business fields of strategy, organizational behavior, marketing, finance, operations management, and accounting. In short, as Williamson states, "any problem that originates as or can be reformulated as a contracting problem can be examined to advantage in transaction cost economizing terms." What is referred to as New Institutional Economics is developed in the West in two mainly complementary ways: Property Rights Theory, and Transaction Cost Economics. Of the two, Property Rights Theory developed more rapidly. Transaction Cost Economics has nonetheless taken shape of late. In China, research on New Institutional Economics began in the 1990s and has grown rapidly since. China has similarly given much more attention to Property Rights Theory. Gengxuan Chen, the editor of this volume, recommends that China will benefit by bringing Transaction Cost Economics to bear. Simultaneously, for scholars who study the market economy, Transaction Cost Economics provides a very attractive way to explain the practice of the Chinese market economy.

Download or read book Advances in Behavioral Economics written by Colin F. Camerer and published by Princeton University Press. This book was released on 2011-12-12 with total page 769 pages. Available in PDF, EPUB and Kindle. Book excerpt: Twenty years ago, behavioral economics did not exist as a field. Most economists were deeply skeptical--even antagonistic--toward the idea of importing insights from psychology into their field. Today, behavioral economics has become virtually mainstream. It is well represented in prominent journals and top economics departments, and behavioral economists, including several contributors to this volume, have garnered some of the most prestigious awards in the profession. This book assembles the most important papers on behavioral economics published since around 1990. Among the 25 articles are many that update and extend earlier foundational contributions, as well as cutting-edge papers that break new theoretical and empirical ground. Advances in Behavioral Economics will serve as the definitive one-volume resource for those who want to familiarize themselves with the new field or keep up-to-date with the latest developments. It will not only be a core text for students, but will be consulted widely by professional economists, as well as psychologists and social scientists with an interest in how behavioral insights are being applied in economics. The articles, which follow Colin Camerer and George Loewenstein's introduction, are by the editors, George A. Akerlof, Linda Babcock, Shlomo Benartzi, Vincent P. Crawford, Peter Diamond, Ernst Fehr, Robert H. Frank, Shane Frederick, Simon Gächter, David Genesove, Itzhak Gilboa, Uri Gneezy, Robert M. Hutchens, Daniel Kahneman, Jack L. Knetsch, David Laibson, Christopher Mayer, Terrance Odean, Ted O'Donoghue, Aldo Rustichini, David Schmeidler, Klaus M. Schmidt, Eldar Shafir, Hersh M. Shefrin, Chris Starmer, Richard H. Thaler, Amos Tversky, and Janet L. Yellen.

Download or read book Firms Markets and Hierarchies written by Glenn R. Carroll and published by Oxford University Press. This book was released on 1999-01-28 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text presents a stock-taking of the work that has been done since the appearance of Oliver Williamson's seminal book Markets and Hierarchies, which gave new life to the concept of transaction cost analysis.

Download or read book Leading Edges in Social and Behavioral Science written by R. Duncan Luce and published by Russell Sage Foundation. This book was released on 1990-02-01 with total page 714 pages. Available in PDF, EPUB and Kindle. Book excerpt: The reach of the social and behavioral sciences is currently so broad and interdisciplinary that staying abreast of developments has become a daunting task. The thirty papers that constitute Leading Edges in Social and Behavioral Science provide a unique composite picture of recent findings and promising new research opportunities within most areas of social and behavioral research. Prepared by expert scholars under the auspices of the National Academy of Sciences, these timely and well-documented reports define research priorities for an impressive range of topics: Part I: Mind and Brain Part II: Behavior in Social Context Part III: Choice and Allocation Part IV: Evolving Institutions Part V: Societies and International Orders Part VI: Data and Analysis

Download or read book A Modern Guide to Tourism Economics written by Croes, Robertico and published by Edward Elgar Publishing. This book was released on 2022-09-06 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Modern Guide captures the evolution of foundational tenets, theories, frameworks and models that buttressed tourism economics into an evolving discipline, shining light on both new and old approaches. It systematically examines current and future trends and issues related to new economic perspectives, consolidating the notion of tourism economics as a discipline.

Download or read book Sustainability and Business Strategy written by Magdaline Chepkoech Koech and published by IPR Journals and Book Publishers. This book was released on 2022-12-30 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: TOPICS IN THE BOOK Relationship Between Bank Customer Retention Strategies and Customer Satisfaction in Commercial Banks in Machakos Town Resource Allocation and Strategy Implementation in Commercial Banks Branches in Machakos Sub County Corporate Governance and Organizational Performance of Kenya Forest Service in Nairobi City County Porter’s Generic Competitive Strategies, Alliance Partnerships and Firm Performance of Mobile Telephone Network Service Providers in Kenya Internal Environment of the Organization and Strategic Choice in Cement Manufacturing Firms in Kenya Influence of Product Innovation on the Performance of Coffee Cooperatives in Kenya

Download or read book Flexibility in Buyer Seller Relationships written by Ellen Roemer and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ellen Roemer analyzes the flexibility trade-off in buyer-seller relationships. She investigates how relationships should be managed when there is behavioral and environmental uncertainty.

Download or read book Advanced Introduction to Behavioral Economics written by John F. Tomer and published by Edward Elgar Publishing. This book was released on 2017-09-29 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading researcher John F. Tomer presents an invigorating and concise introduction to behavioral economics that offers essential behavioral theories, perspectives, trends and developments within this ever-evolving discipline.