The Boundaries of the Firm: The Case of Oil Industry in Romania

Analele Universitatii din Oradea, Vol. XVII, 2008

7 Pages Posted: 21 Aug 2008

See all articles by Monica Dudian

Monica Dudian

Bucharest Academy of Economic Studies

Daniela Trasca

affiliation not provided to SSRN

Andreea Mitrache

affiliation not provided to SSRN

Adriana Georgescu

University of Bucharest

Date Written: May 30, 2008

Abstract

The economic theory of the firm has met an exponential growth in the last decades different from the traditional neoclassical approach. In the first part of the paper we are skimming through the most spread approaches, namely the theory of incomplete contracts and evolutionary school. In the second part we apply the explications on integration provided by the economics of transaction costs with an example on the oil industry in Romania. A brief qualitative analysis reaches out the conclusion that cutting transaction and agency costs is one of the factors that leads to integration within the studied sector.

Keywords: transaction costs, agency theory, evolutionary economics, integration, oil

JEL Classification: D23

Suggested Citation

Monica, Dudian and Trasca, Daniela and Mitrache, Andreea and Georgescu, Adriana, The Boundaries of the Firm: The Case of Oil Industry in Romania (May 30, 2008). Analele Universitatii din Oradea, Vol. XVII, 2008. Available at SSRN: https://ssrn.com/abstract=1240652

Dudian Monica (Contact Author)

Bucharest Academy of Economic Studies ( email )

Piata Romana 6
Bucharest
Romania

Daniela Trasca

affiliation not provided to SSRN ( email )

Andreea Mitrache

affiliation not provided to SSRN ( email )

Adriana Georgescu

University of Bucharest ( email )

14 Academiei St.
Bucharest, Bucuresti 70109
Romania

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