Exploring Transaction Cost Economics: A Deep Dive into Williamson's Theory

  • TCT
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1. Define opportunism.

Explanation

Opportunism refers to self-interest seeking with cunning or deception. It involves an individual taking advantage of situations for their own benefit, often without regard for ethical considerations.

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About This Quiz
Exploring Transaction Cost Economics: A Deep Dive Into Williamson

Explore the intricacies of Williamson's Transaction Cost Theory (TCT) framework through this focused study module. Delve into economic and business strategies, understanding how organizations handle transaction costs effectively. Ideal for students and professionals seeking to enhance their strategic decision-making skills.

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2. What are ex ante transaction costs?
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3. Hvad er ex post transaktionsomkostninger?

Explanation

Ex post transaktionsomkostninger refererer specifikt til omkostninger forbundet med at opretholde en valgt strategi eller governance struktur efter en transaktion er fuldført, såsom vedligeholdelse af relationer og den generelle drift af den valgte tilgang.

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4. What are the three dimensions of a transaction?

Explanation

The correct dimensions of a transaction are related to frequency, uncertainty, and asset specificity, not buyer's reputation, seller's location, or payment method.

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5. What are the 6 general critique points of TCT?
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6. What are the 5 specific criticism points against Transaction Cost Theory (TCT)?

Explanation

Transaction Cost Theory has been subject to critique for its assumptions and limitations, such as the inability to measure transaction costs accurately, the debate around hierarchy reducing or inducing opportunism, and the importance of trust in economic exchanges.

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Define opportunism.
What are ex ante transaction costs?
Hvad er ex post transaktionsomkostninger?
What are the three dimensions of a transaction?
What are the 6 general critique points of TCT?
What are the 5 specific criticism points against Transaction Cost...
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