Monday, October 12, 2009

Finally, Williamson won the title!

Heavily influenced by his transaction costs and governance mechanism approach, I am so thrilled that this year's Nobel Prize in Economics is finally awarded to Oliver Williamson (shared with Elinor Ostrom)! Two professors in my group -- Jackson Nickerson and Nicholas Argyres -- are Williamson's doctoral students and are also highly influenced by Williamson's TCE framework. Here is a recent book on how Williamson's approach reshaped the landscape of the research in business and corporate strategy. Todd Zenger, another professor in my group, and I have contributed to this volume, which is foreworded by Williamson.

It's been a while since I made my first prediction. Now a warm and hearty congratulation to Prof. Williamson!

update: here is the phone interview with Prof. Williamson by when he got the prize.

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