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• Preface xi
• Acknowledgements xv

Part I Foundations

1. Markets and organizations

• 1.1 The economic problem
• 1.2 The division of labour
• 1.3 Specialization
• 1.4 Coordination
• 1.5 Markets and organizations
• 1.6 Information
• 1.7 The environment and institutions
• 1.8 Historical perspective
• 1.9 Summary: the conceptual framework of this book
• 1.10 Outline of the book
• Questions
• Notes

2. Markets

• 2.1 Introduction
• 2.2 Market interaction: analysis of demand and supply
• 2.3 Decision-making by consumers
• 2.4 Decision-making by producers
• 2.5 Market coordination
• 2.6 The paradox of profits
• 2.7 Competitive markets
• 2.8 The main assumptions underlying standard microeconomic theory
• 2.9 Summary: how according to standard microeconomic theory decisions are coordinated by the market
• Questions

3. Organizations

• 3.1 The world of organizations
• 3.2 Organizational coordination
• 3.3 Types of organizations
• 3.4 Organizational markets
• 3.5 Organized markets
• 3.6 The rise of the Internet and the digitization of organizations
• 3.7 Digital platforms: a new coordination mechanism
• 3.8 The Platform Organization
• 3.9 Summary: how organizations achieve coordination
• Questions
• Notes

4. Information

• 4.1 Coordination and information
• 4.2 Hidden information
• 4.3 Hidden action
• 4.4 The value of information
• 4.5 Information as an economic good
• 4.6 Summary: information problems for markets and organizations
• Questions
• Notes

5. Game theory

• 5.1 Introduction
• 5.2 The prisoner's dilemma
• 5.3 Coordination games
• 5.4 The entry game
• 5.5 The iterated prisoner's dilemma
• 5.6 Auctions
• 5.7 Evolutionary game theory
• 5.8 Summary: insights from game theory
• Questions

6. Econs and Humans

• 6.1 Introduction
• 6.2 The social domain versus the economic domain
• 6.3 Economic, social and moral man: bounds on self-interest
• 6.4 Bounds on rationality
• 6.5 Prospect theory
• 6.6 Summary: behavioural economics
• Questions

Part II Economic Approaches

7. Behavioural theory of the firm

• 7.1 Introduction
• 7.2 The firm as a coalition of participants
• 7.3 Organizational goals
• 7.4 Organizational expectations
• 7.5 Organizational choice
• 7.6 From bounded rationality to behavioural economics
• 7.7 Summary: goals and decision-making within the firm in behavioural theory
• Questions
• Notes

8. Agency theory

• 8.1 Introduction
• 8.2 Separation of ownership and control
• 8.3 Managerial behaviour and ownership structure
• 8.4 Entrepreneurial firms and team production
• 8.5 The firm as a nexus of contracts
• 8.6 Theory of principal and agent
• 8.7 Applying agency theory
• 8.8 Summary: agency relations between owners, managers and employees
• Questions
• Notes

9. Transaction cost economics

• 9.1 Introduction
• 9.2 Behavioural assumptions: bounded rationality and opportunism
• 9.3 Dimensions of transactions
• 9.4 Peer groups
• 9.5 Simple hierarchies
• 9.6 Multistage hierarchies: U-form and M-form enterprises
• 9.7 Organizational markets
• 9.8 Digitization and transaction costs
• 9.9 Markets and organizations: are these all there is?
• 9.10 Governance in a three-level schema
• 9.11 Summary: effect of transaction costs on choosing between markets and organizations and organizational forms
• Questions
• Notes

10. Economic Contributions to business/competitive strategy

• 10.1 Introduction
• 10.2 Industry analysis
• 10.3 Competitor analysis
• 10.4 Competitive strategy
• 10.5 Resource-based view of the firm
• 10.6 Dynamic capabilities
• 10.7 Move and counter move
• 10.8Summary: how economic analysis can contribute to the formulation of competitive strategies
• Questions
• Notes

11. Economic contributions to corporate strategy

• 11.1 Introduction
• 11.2 Unrelated diversification
• 11.3 Related diversification
• 11.4 Horizontal multi-nationalization
• 11.5 Vertical integration
• 11.6 Summary
• Questions
• Notes

12. Evolutionary approaches to organizations

• 12.1 Introduction
• 12.2 Giraffes
• 12.3 Organizations and giraffes
• 12.4 Organizational ecology
• 12.5 An evolutionary theory of economic change
• 12.6 Comparison
• 12.7 The evolution of dynamic capabilities
• 12.8 Further developments
• 12.9 Summary: the evolutionary perspective
• Questions
• Notes

13. All in the family

• 13.1 Introduction
• 13.2 The basic conceptual framework
• 13.3 Family resemblances
• 13.4 Family differences
• 13.5 Summary: all in the family?
• 13.6 Organizations as complex, adaptive systems
• Questions
• Notes

• Bibliography
• Index