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Book Book Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Transaction regimes: an instrument for research in industrial organization
Authors:Knorringa, PeterISNI
Kox, HenkISNI
Series:Serie research memoranda (ISSN 1381-1649)
City of publisher:Amsterdam
Publisher:Vrije Universiteit
Geographic term:world
industrial organization
External link:https://hdl.handle.net/1871/12357
Abstract:The 'market versus hierarchy' dichotomy frequently appears in modern theory on industrial organization and the theory of the firm. This dichotomy approach can be criticized for its rigidity and for being too abstract for implementation in empirical research. To overcome these limitations the authors introduce the concept of transaction regimes. This concept allows for the synthesis of prior insights with 'non-fitting' empirical evidence. The paper characterizes and compares five archetypal transaction regimes in capitalist market economies. In two of these transaction regimes the transaction relations are to an important extent governed by cooperative patterns, supported by the development of mutual trust. Such voluntary cooperation should be considered as a third basic allocation mechanism, apart from market and hierarchy.