Chicago's Best Ideas: "Contract Law, Transaction Costs, and the Boundary of the Firm"
Anup Malani, professor at the University of Chicago Law School, describes a number of surprising contract provisions that can be used to tackle the holdup problem, where a buyer and seller agree on a price for a future date, but the seller later demands a higher price. He also discusses how contract law can affect the scope and ownership of firms.
In 1937, Ronald Coase asked: if markets are so efficient at allocating resources, why are so many resources allocated within firms? His answer was that market allocation entailed transactions costs and, when these were very high, transactions will take place within firms.
Oliver Hart, with Sanford Grossman and John Moore, suggested the holdup problem could be overcome if the buyer owns a key asset of the seller or the seller's whole firm, which can prevent the seller from holding up the buyer. Hart, Grossman, and Moore transformed Coase's theory of how large firms were into a theory of who owns firms. Since then, there have been numerous efforts to demonstrate that asset ownership or integration is not necessary to overcome the holdup problem.
This lecture is part of the Law School's Chicago's Best Ideas lecture series. For more information, visit http://www.law.uchicago.edu/events/2011-11-09-chicagos-best-ideas-professor-anup-malani-contract-law-transactions-costs-and-boun.
November 9, 2011.
➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe
About #UChicago:
Since its founding in 1890, the University of Chicago has been a destination for rigorous inquiry and field-defining research. This transformative academic experience empowers students and scholars to challenge conventional thinking in pursuit of original ideas.
#UChicago on the Web:
Home: http://bit.ly/UCHICAGO-homepage
News: http://bit.ly/UCHICAGO-news
Facebook: http://bit.ly/UCHICAGO-FB
Twitter: http://bit.ly/UCHICAGO-TW
Instagram: http://bit.ly/UCHICAGO-IG
University of Chicago on YouTube:
https://www.youtube.com/uchicago ***
ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email digicomm@uchicago.edu.
Видео Chicago's Best Ideas: "Contract Law, Transaction Costs, and the Boundary of the Firm" канала The University of Chicago
In 1937, Ronald Coase asked: if markets are so efficient at allocating resources, why are so many resources allocated within firms? His answer was that market allocation entailed transactions costs and, when these were very high, transactions will take place within firms.
Oliver Hart, with Sanford Grossman and John Moore, suggested the holdup problem could be overcome if the buyer owns a key asset of the seller or the seller's whole firm, which can prevent the seller from holding up the buyer. Hart, Grossman, and Moore transformed Coase's theory of how large firms were into a theory of who owns firms. Since then, there have been numerous efforts to demonstrate that asset ownership or integration is not necessary to overcome the holdup problem.
This lecture is part of the Law School's Chicago's Best Ideas lecture series. For more information, visit http://www.law.uchicago.edu/events/2011-11-09-chicagos-best-ideas-professor-anup-malani-contract-law-transactions-costs-and-boun.
November 9, 2011.
➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe
About #UChicago:
Since its founding in 1890, the University of Chicago has been a destination for rigorous inquiry and field-defining research. This transformative academic experience empowers students and scholars to challenge conventional thinking in pursuit of original ideas.
#UChicago on the Web:
Home: http://bit.ly/UCHICAGO-homepage
News: http://bit.ly/UCHICAGO-news
Facebook: http://bit.ly/UCHICAGO-FB
Twitter: http://bit.ly/UCHICAGO-TW
Instagram: http://bit.ly/UCHICAGO-IG
University of Chicago on YouTube:
https://www.youtube.com/uchicago ***
ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email digicomm@uchicago.edu.
Видео Chicago's Best Ideas: "Contract Law, Transaction Costs, and the Boundary of the Firm" канала The University of Chicago
Показать
Комментарии отсутствуют
Информация о видео
4 апреля 2012 г. 2:59:35
01:03:20
Другие видео канала
Markets, Firms and Property Rights - Ronald CoaseEric A. Posner, "The Law and Economics of Changing Benchmarks"What are Transaction Costs?Botany Pond LiveContract law theoriesBeautiful Game Theory, Beautiful Economics | Ignacio Palacios-Huerta | TEDxUDeustoRonald Coase and Gary Becker on Utility TheoryLSBF ACCA P1: Transaction Cost Theory with Paul MerisonBengt Holmström wins Nobel Prize in Economic Sciences (full press conference)offer and acceptanceBig Questions Ep. 6: UChicagoJonathan S. Masur, "The Behavioral Law & Economics of Happiness"Omri Ben-Shahar on the "No Contract" AssuranceHold Up ProblemWhat global trade deals are really about (hint: it's not trade) | Haley Edwards | TEDxMidAtlanticInternationalization Theories: The Uppsala ModelA New Governance: Hierarchies, Markets, and Networks, c. 1979-2010Prize lecture: Oliver Hart, Laureate in Economic Sciences 2016Litigation vs Transactional Law [What Does a Corporate Attorney Do | What Do Litigators Do]