|
Williamson, Oliver E.
Oliver Eaton Williamson (September 27, 1932 – May 21, 2020) was an American economist, a professor at the University of California, Berkeley, and recipient of the 2009 Nobel Memorial Prize in Economic Sciences, which he shared with Elinor Ostrom. His contributions to transaction cost economics and the theory of the firm are influential in the social sciences. Life and career Williamson was born in Superior, Wisconsin, on 27 September 1932. He was the son of Sara Lucille (Dunn) and Scott Williamson, both of whom were high school teachers. Williamson attended Central High School in Superior. He received his BSc in management from the MIT Sloan School of Management in 1955. After graduating, he worked as a project engineer for General Electric, as well as the Central Intelligence Agency. Williamson received an MBA from Stanford University in 1960, and his PhD from Carnegie Mellon University in 1963. A student of Ronald Coase, Herbert A. Simon and Richard Cyert, he specialize ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Institutional Economics
New Institutional Economics (NIE) is an economic perspective that attempts to extend economics by focusing on the institutions (that is to say the sociology, social and legal Norm (sociology), norms and rules) that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics. Unlike neoclassical economics, it also considers the role of culture and classical political economy in economic development. The NIE assume that individuals are rational and that they seek to maximize their preferences, but that they also have cognitive limitations, lack complete information and have difficulties monitoring and enforcing agreements. As a result, institutions form in large part as an effective way to deal with Transaction cost, transaction costs. NIE rejects that the state is a neutral actor (rather, it can hinder or facilitate effective institutions), that there are zero transaction costs, and that actors have fixed preferences. Overview It ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Cyert
Richard Michael Cyert (July 22, 1921 – October 7, 1998) was an American economist, statistician and organizational theorist, who served as the sixth Academic administration, President of Carnegie Mellon University in Pittsburgh, Pennsylvania, Pittsburgh, Pennsylvania, United States. He is known for his seminal 1959 work Behavioral theory of the firm, "''A behavioral theory of the firm''," co-authored with James G. March. Early life He was born in Winona, Minnesota and grew up in Minneapolis, Minnesota, Minneapolis. He received a Bachelor of Science, B.S. from the University of Minnesota in 1943, then joined the U.S. Navy. On the G.I. Bill he earned his Doctor of Philosophy, Ph.D. in economics from Columbia University following World War II. At Columbia, however, he became a specialist in statistics as well. He taught briefly at City College of New York, then took a position in Pittsburgh at Carnegie Institute of Technology in 1948 to teach statistics in accounting and auditing. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Superior High School (Wisconsin)
Superior High School (SHS) is one of two high schools in Superior, Wisconsin, the other being Maranatha Academy. The School District of Superior opened SHS in 1965 as Superior Senior High School (SSHS) to replace East and Central High Schools. Those schools became middle schools, which were both closed and torn down in 2003. (An office building built on part of Central's site was completed in 2008 and a housing project was built on East's site, the last lot being developed in 2012). The high school serves about 1,600 students in grades 9–12 with a staff of around 150. SHS' mission is to "Provide all children with the relevant tools to develop a foundation for living, learning and working successfully." Academics Superior High School offers a wide selection of classes. Several selections in English, History/ Social Studies, Science, Mathematics, Foreign Language, Music, Physical Education, Business, Art, and Technical Education classes are available. Superior High School al ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Sciences
Social science is one of the branches of science, devoted to the study of societies and the relationships among individuals within those societies. The term was formerly used to refer to the field of sociology, the original "science of society", established in the 19th century. In addition to sociology, it now encompasses a wide array of academic disciplines, including anthropology, archaeology, economics, human geography, linguistics, management science, communication science and political science. Positivist social scientists use methods resembling those of the natural sciences as tools for understanding society, and so define science in its stricter modern sense. Interpretivist social scientists, by contrast, may use social critique or symbolic interpretation rather than constructing empirically falsifiable theories, and thus treat science in its broader sense. In modern academic practice, researchers are often eclectic, using multiple methodologies (for instance, by c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Theory Of The Firm
The theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market. Firms are key drivers in economics, providing goods and services in return for monetary payments and rewards. Organisational structure, incentives, employee productivity, and information all influence the successful operation of a firm in the economy and within itself. As such major economic theories such as Transaction cost theory, Managerial economics and Behavioural theory of the firm will allow for an in-depth analysis on various firm and management types. Overview In simplified terms, the theory of the firm aims to answer these questions: # Existence. Why do firms emerge? Why are not all transactions in the economy mediated over the market? # Boundaries. Why is the boundary between firms and the market located exactly there in relation to size and output variety? ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transaction Cost
In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market. Oliver E. Williamson defines transaction costs as the costs of running an economic system of companies, and unlike production costs, decision-makers determine strategies of companies by measuring transaction costs and production costs. Transaction costs are the total costs of making a transaction, including the cost of planning, deciding, changing plans, resolving disputes, and after-sales. Therefore, the transaction cost is one of the most significant factors in business operation and management. Oliver E. Williamson's ''Transaction Cost Economics'' popularized the concept of transaction costs. Douglass C. North argues that institutions, understood as the set of rules in a society, are key in the determination of transaction costs. In this sense, institutions that facilitate low transaction costs, boost economic growth.North, Douglass C. 1992. “Transa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.jpg "Click for more on -> Williamson, Oliver E.")
