This analysis reviews economic transactions in markets and hierarchies, suggesting implications for antitrust law.
The article presents information about the book "Markets and Hierarchies: Analysis and Antitrust Implications," by Oliver E. Williamson. The book emphasizes the organization of economic activity within and between markets and hierarchies. It considers the transaction to be the ultimate unit of microeconomic analysis. Hierarchical transactions are those for which a single administrative entity spans both sides of the transaction, some form of subordination prevails, with, typically, consolidated ownership.
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Thomas J. Burns (1978) studied this question.
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