Flexibility in Buyer-Seller Relationships

Name: Flexibility in Buyer-Seller Relationships
Author: Ellen Roemer

A Transaction Cost Economics Extension based on Real Options Analysis

Paperback Engels 2004 9783824481958

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Foreword Long-term buyer-seller relationships are a real and important phenomenon in business-to business markets. Since the consequences for the parties to a relationship heavily depend on the management of these relationships, research becomes increasingly intensive to explain the real phenomenon of buyer-seller relationships. On the one hand, the objective is to determine when relationships are a reasonable form of coordination in markets. On the other hand, the management of the relationship itself is in the focus of the analysis. Transaction Cost Economics (TCE) has been proven a fruitful theoretical approach explaining both research objectives. TCE provides not only insights in which situations relationships are economically reasonable but also which activities are appropriate to protect ex post benefits on both sides of the relationship from an ex ante perspective. In relation to the second research objective of the buyer-seller relationship manage ment, safeguarding mechanisms - protection against opportunistic behavior - were in the center of the analysis in the business-to-business relationship literature. In contrast, the flexibility to react to changing environmental conditions was largely neglected in buyer seller relationship management. The reason for this one-eyed perspective can be traced back to the comparative static approach as proposed by TCE comparing the efficiency of different coordination forms at one point of time. Intuitively it becomes clear that con tractual safeguards to limit behavioral uncertainty do not only provide advantages but also reduce the repertoire of the parties to react to future, unexpected developments.

Specificaties

ISBN13:9783824481958

Taal:Engels

Bindwijze:paperback

Aantal pagina's:191

Uitgever:Deutscher Universitätsverlag

Druk:0

Hoofdrubriek:Reclame en verkoop, Reclame en verkoop, Marketing

Serie:Business-to-Business-Marketing

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Inhoudsopgave

1 The Necessity of an Analysis of Flexibility in Buyer-Seller Relationships.- 1.1 The Analysis of Buyer-Seller Relationships and the Failure of Transaction Cost Economics in Dynamic Markets.- 1.2 Structure of the Analysis.- 2 A Transaction Cost Economics Explanation of Buyer-Seller Relationships.- 2.1 The Role of Institutions in Society.- 2.2 Transaction Cost Economics.- 2.3 Buyer-Seller Relationships as Hybrid Forms of Governance.- 3 The Analysis of Flexibility in Buyer-Seller Relationships from a Transaction Cost Economics Perspective.- 3.1 Flexibility.- 3.2 The Role of Flexibility in Buyer-Seller Relationships.- 3.3 Flexibility in Transaction Cost Economics.- 3.4 Institutions and Flexibility.- 3.5 Further Problems of the Transaction Cost Economics Framework.- 3.6 The Way Out: Two Perspectives.- 4 Rational Flexibility in Buyer-Seller Relationships — A Real Options Approach.- 4.1 Assumptions of Real Options Analysis.- 4.2 Rational Flexibility and Real Options.- 4.3 Real Options in Buyer-Seller Relationships.- 4.4 (A)Symmetric Relationships and Hold-up.- 4.5 A Model of Rational Flexibility in Buyer-Seller Relationships.- 4.6 Results of an Austrian Approach to Real Flexibility in Buyer-Seller Relationships.- 4.7 Limits of a Real Options Approach to Flexibility in Buyer-Seller Relationships.- 5 Real Flexibility in Buyer-Seller Relationships — An Austrian Economics Perspective.- 5.1 Preliminary Remarks.- 5.2 An Austrian View of Real Flexibility in Buyer-Seller Relationships.- 5.3 Results of an Austrian Approach to Real Flexibility in Buyer-Seller Relationships.- 5.4 Limits of an Austrian Approach to Real Flexibility in Buyer-Seller Relationships.- 6 Conclusions.- 6.1 The Main Results.- 6.2 Promising Avenues for Future Research.- Appendices.- A Some Selected StochasticProcesses.- B Standard Characteristics of Optimal Investment Rules.