pn: Gibbons.2005.Four formal(izable) theories of the firm(1): rent-seeking theory

Gibbons.2005.Four formal(izable) theories of the firm.Journal of Economic Behavior & OrganizationVol. 58 (2005) 200–245

ssrn 2004: SSRN-id596864


(1) a “rent-seeking” theory, which can be discerned in informal theoretical arguments by Williamson (1971, 1979, 1985) and Klein et al. (1978) and in early empirical work by Monteverde and Teece (1982), Anderson and Schmittlein (1984), Masten (1984), and Joskow (1985);

theoretical arguments
Williamson, O., 1971. The vertical integration of production: market failure considerations. American EconomicReview 61, 112–123.
Williamson, O., 1979. Transaction cost economics: the governance of contractual relations. Journal of Law andEconomics 22, 233–261.
Williamson, O., 1985. The Economic Institutions of Capitalism. Free Press, New York, NY.

Klein, B., Crawford, R., Alchian, A., 1978. Vertical integration, appropriable rents and the competitive contracting process. Journal of Law and Economics 21, 297–326.

empirical work
Monteverde, K., Teece, D., 1982. Supplier switching costs and vertical integration in the automobile industry. BellJournal of Economics 13, 206–212.

Anderson, E., Schmittlein, D., 1984. Integration of the sales force: an empirical examination. RAND Journal ofEconomics 15, 385–395.

Masten, S., 1984. The organization of production: evidence from the Aerospace industry. Journal of Law andEconomics 27, 403–417.

Joskow, P., 1985. Vertical integration and long-term contracts: the case of coal-burning electric generation plants. Journal of Law, Economics, and Organization 1, 33–80.