Oliver E. Williamson Quotes

3 Sourced Quotes

For those who, like myself, are inclined to be eclectic, no comprehensive commitment to one approach rather than another needs to be made. What is involved, rather, is the selection of the approach best suited to deal with the problems at hand.

Oliver E. Williamson

Information impactedness is a derivative condition that arises mainly because of uncertainty and opportunism, though bounded rationality is involved as well. It exists when true underlying circumstances relevant to the transaction, or related set of transactions, are known to one or more parties but cannot be costlessly discerned by or displayed for others.

Oliver E. Williamson

Because internal organization experiences added bureaucratic costs, the firm is usefully thought as the organization of last resort: try markets, try hybrids (long term contractual relations into which security features have been crafted), and resort to firms when all else fails (compatatively).

Oliver E. Williamson

Oliver E. Williamson

Oliver E. Williamson

Creative Commons

Born: September 27, 1932

Died: May 21, 2020 (aged 87)

Bio: Oliver Eaton Williamson was an American economist, a professor at the University of California, Berkeley, and recipient of the 2009 Nobel Memorial Prize in Economic Sciences.

Known for:

MARKETS AND HIERARCHIES (1975)
The mechanisms of governance (1996)
The economic institutions of capitalism (1985)
Comparative economic organization (1994)

Oliver E. Williamson on Wikipedia

Suggest an edit or a new quote

American Economist Quotes

Economist Quotes

20th-century Economist Quotes