Levels of asset specificity in relational contracting

Standard property rights theory (whether static or dynamic) assumes assets are specific, but once this assumption is in place, the level of asset specificity has no bearing on the make-or-buy decision. While there are good reasons to doubt the universality of transaction cost economics’ prediction t...

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Autor principal: Ruzzier, Christian Alejandro
Otros Autores: Universidad Torcuato Di Tella
Formato: Tesis de maestría acceptedVersion
Lenguaje:Inglés
Publicado: Universidad Torcuato Di Tella 2017
Materias:
Contratos
Tesis
Acceso en línea:http://repositorio.utdt.edu/handle/utdt/900
Aporte de:
Repositorio Digital Universidad Torcuato Di Tella de Universidad Torcuato Di Tella
id I57-R16320.500.13098-900
record_format dspace
institution Universidad Torcuato Di Tella
institution_str I-57
repository_str R-163
collection Repositorio Digital Universidad Torcuato Di Tella
language Inglés
orig_language_str_mv eng
topic Contratos
Tesis
spellingShingle Contratos
Tesis
Ruzzier, Christian Alejandro
Levels of asset specificity in relational contracting
description Standard property rights theory (whether static or dynamic) assumes assets are specific, but once this assumption is in place, the level of asset specificity has no bearing on the make-or-buy decision. While there are good reasons to doubt the universality of transaction cost economics’ prediction that the more specific the asset, the more likely is vertical integration to be optimal, this is an issue that cannot be addressed within the existing property rights framework. In this paper the level of asset specificity matters for the integration decision, even in the static version of the model, and this result emerges naturally once an equally reasonable bargaining protocol is considered. To show this, we take Baker, Gibbons, and Murphy’s (2002) relational contracting model, and use it as the vehicle for the analysis. Changing the bargaining protocol assumed by those authors results in a model in which the integration choice is affected in a non-trivial way by realized asset specificity.
author2 Universidad Torcuato Di Tella
author_facet Universidad Torcuato Di Tella
Ruzzier, Christian Alejandro
format Tesis de maestría
acceptedVersion
author Ruzzier, Christian Alejandro
author_sort Ruzzier, Christian Alejandro
title Levels of asset specificity in relational contracting
title_short Levels of asset specificity in relational contracting
title_full Levels of asset specificity in relational contracting
title_fullStr Levels of asset specificity in relational contracting
title_full_unstemmed Levels of asset specificity in relational contracting
title_sort levels of asset specificity in relational contracting
publisher Universidad Torcuato Di Tella
publishDate 2017
url http://repositorio.utdt.edu/handle/utdt/900
work_keys_str_mv AT ruzzierchristianalejandro levelsofassetspecificityinrelationalcontracting
bdutipo_str Repositorios
_version_ 1764820543406604288

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