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Tomorrow 3.0 : transaction costs and the sharing economy
\"With the growing popularity of apps such as Uber and Airbnb, there has been a keen interest in the rise of the sharing economy. Michael C. Munger brings these new trends in the economy down to earth by focusing on their relation to the fundamental economic concept of transaction costs. In doing so Munger brings a fresh perspective on the 'sharing economy' in clear and engaging writing that is accessible to both general and specialist readers. He shows how, for the first time, entrepreneurs can sell reductions in transaction costs, rather than reductions in the costs of the products themselves. He predicts that smartphones will be used to commodify excess capacity, and reaches the controversial conclusion that a basic income will be required as a consequence of this new 'transaction costs revolution'\"-- Provided by publisher.
Book
A dynamic capabilities-based entrepreneurial theory of the multinational enterprise
This paper develops a dynamic capabilities-based theory of the multinational enterprise (MNE). It first reviews scholarship on the MNE, with a focus on what has come to be known as \"internalization\" theory. One prong of this theory develops contractual/transaction cost-informed governance perspectives; and another develops technology transfer and capabilities perspectives. In this paper, it is suggested that the latter has been somewhat neglected. However, if fully integrated as part of a more complete approach, it can buttress transaction cost/governance issues and expand the range of phenomena that can be explained. In this more integrated framework, dynamic capabilities coupled with good strategy are seen as necessary to sustain superior enterprise performance, especially in fast-moving global environments.Entrepreneurial management and transformational leadership are incorporated into a capabilities theory of the MNE. The framework is then used to explain how strategy and dynamic capabilities together determine firm-level sustained competitive advantage in global environments. It is suggested that this framework complements contract-based perspectives on the MNE and can help integrate international management and international business perspectives.
Journal Article
Transaction cost management : strategies and practices for a global open economy
All organizations, institutions, business processes, markets and strategies have one aim in common: the reduction of transaction costs. This aim is pursued relentlessly in practice, and has been perceived to bring about drastic changes, especially in the recent global market and the cyber economy. This book analyzes and describes 'transactions' as a model, on the basis of which organizations, institutions and business processes can be appropriately shaped. It tracks transaction costs to enable a scientific approach instead of a widely used 'state-of-the-art' approach, working to bridge the gap between theory and practice.
Book
How much is new in Brouthers et al.’s new foreign entry modes, and do they challenge the transaction cost theory of entry mode choice?
Brouthers, Chen, Sali and Shaheer argue that recent increases in economic integration coupled with technological advances, such as digitization, have led to the use of new foreign market entry modes which they say have not been sufficiently acknowledged nor satisfactorily explained by an extant literature dominated by transaction cost theory (TCT). To make sense of these new entry modes, they introduce a framework based on the exploitation–exploration distinction and on embeddedness. I first outline current thinking on the TCT theory of foreign entry modes and then review Brouthers et al.’s four novel entry modes, identifying what is genuinely new about them, and what is similar to what we already know. I conclude that these four modes constitute changes in kind rather than substance, and show that they have already been satisfactorily explained using TCT. In contrast, Brouthers et al.’s exploitation–exploration–embeddedness framework is unconvincing, because (a) exploration is not an appropriate term to describe the motivation of most resource and strategic asset acquisition foreign direct investment; (b) there is considerable variation in embeddedness within some of their four novel entry modes; and (c) the availability of intermediaries breaks the hypothesized one-to-one correspondence between need for embeddedness and entry mode.
Journal Article
Performance Modeling and Design of Computer Systems
Tackling the questions that systems designers care about, this book brings queueing theory decisively back to computer science. The book is written with computer scientists and engineers in mind and is full of examples from computer systems, as well as manufacturing and operations research. Fun and readable, the book is highly approachable, even for undergraduates, while still being thoroughly rigorous and also covering a much wider span of topics than many queueing books. Readers benefit from a lively mix of motivation and intuition, with illustrations, examples and more than 300 exercises – all while acquiring the skills needed to model, analyze and design large-scale systems with good performance and low cost. The exercises are an important feature, teaching research-level counterintuitive lessons in the design of computer systems. The goal is to train readers not only to customize existing analyses but also to invent their own.
eBook
Governments as owners: State-owned multinational companies
The globalization of state-owned multinational companies (SOMNCs) has become an important phenomenon in international business (IB), yet it has received scant attention in the literature. We explain how the analysis of SOMNCs can help advance the literature by extending our understanding of state-owned firms (SOEs) and multinational companies (MNCs) in at least two ways. First, we cross-fertilize the IB and SOEs literatures in their analysis of foreign investment behavior and introduce two arguments: the extraterritoriality argument, which helps explain how the MNC dimension of SOMNCs extends the SOE literature, and the non-business internationalization argument, which helps explain how the SOE dimension of SOMNCs extends the MNC literature. Second, we analyze how the study of SOMNCs can help develop new insights of theories of firm behavior. In this respect, we introduce five arguments: the triple agency conflict argument in agency theory; the owner risk argument in transaction costs economics; the advantage and disadvantage of ownership argument in the resource-based view (RBV); the power escape argument in resource dependence theory; and the illegitimate ownership argument in neo-institutional theory. After our analysis, we introduce the papers in the special issue that, collectively, reflect diverse and sophisticated research interest in the topic of SOMNCs.
Journal Article
Commercializing blockchain : strategic applications in the real world
The accessible, non-technical guide to applying and benefiting from blockchain technology. Blockchain has grown at an enormous rate in a very short period of time. In a business context, blockchain can level the playing field between small and large organisations in several ways: Exact copies of the immutable, time-stamped data is held by all parties, all transactions can be viewed in real time, data blocks are cryptographically linked, all raw materials are traceable and smart contracts ensure no middle-men, ease of audit and reduced friction. The trust, transparency, security, quality and reduced costs of blockchain make it a game-changing technology that crosses sectors, industries and borders with ease. Even though the technologies are ready for adoption, businesses remain largely unaware of their full potential and effective implementation. End users require accurate and up-to-date information on the practical applications of blockchain-Commercializing Blockchain provides it. A practical and easy-to-understand guide to blockchain, this timely book illustrates how this revolutionary technology can be used to transform governments, businesses, enterprises and entire communities. The author draws from his experience with global retailers, global technology companies, UCL Centre for Blockchain technologies, the government of the UK, Retail Blockchain Consortium and many other sources to present real-world case studies on the use and benefits of blockchain. Topics include financial transactions, tokenisation, identity management, supply chain transparency, global shipping and freight, counterfeiting and more. Provides practical guidance for blockchain transactions in business operations -Provides practical guidance for blockchain transactions in business operations -Demonstrates how blockchain can add value and bring increased efficiency to commercial operations -Covers all of the essential components of blockchain such as traceability, provenance, certification and authentication -Requires no technical expertise to embrace blockchain strategies Commercializing Blockchain: Strategic Applications in the Real World is ideal for enterprises seeking to develop and deploy blockchain technology, particularly in areas retail, supply chain and consumer goods.
Book
Towards a capability theory of (innovating) firms: implications for management and policy
Business enterprises lie at the core of ecosystems that drive economic development and growth in market economies; yet, until recently, mainstream economics has mostly treated firms like homogeneous black boxes run by opportunistic managers. The field of strategic management has developed a more nuanced approach to the understanding of how firms are created, organized and grow, how they innovate and compete and how managers manage. One of the leading paradigms in the field is the dynamic capabilities framework. In this paper, contrasts and complementarities are drawn between dynamic capabilities and economic theories of the firm, including transaction cost economics and agency theory. Connections to the Cambridge school are highlighted, including the duality between Keynes's 'animal spirits' and the dynamic capabilities entrepreneurial owner/manager. Leibenstein's x-inefficiency is juxtaposed here with d-ineffectiveness. Knowledge-based theories of the firm consistent with Cambridge conventions emerge. Intellectual exchange between strategic management and economics is encouraged to help improve the intuition behind models of firms and the economy.
Journal Article