This sample Beyond Make-or-Buy Research Paper is published for educational and informational purposes only. Free research papers are not written by our writers, they are contributed by users, so we are not responsible for the content of this free sample paper. If you want to buy a high quality research paper on any topic at affordable price please use custom research paper writing services. Although Ronald Coase is often credited with inspiring a line of economic inquiry that came to be -known as transaction cost economics, it is the work of Oliver Williamson, which appeared some 40 years later, that laid the foundation and provided the theoretical apparatus that has allowed scholars in this field to make headway on fundamental problems in law, economics, and the study of organizations. The magnitude of this contribution earned Williamson the Nobel Prize in Economics in 2010. This research paper sets out to familiarize the reader with central ideas and contributions of transaction cost economics and to illustrate the ongoing research trajectories that have emerged since Williamson set forth to expand on the implications of Coase’s famous 1937 article. In addition, this research paper is written with the purpose of identifying recent areas of research that offer students the opportunity to consider possible empirical and theoretical extensions of transaction cost reasoning. Clearly, given the space constraints of a research paper, this survey cannot be exhaustive but will provide a basic outline of central insights and reflect the author’s own assessment of the most promising new areas. The reader is asked to keep this caveat in mind in reading the research paper material. The research paper is organized as follows: The first section provides a summary of the initial formulation of transaction cost economics with an emphasis on the above-mentioned “reordering” of economic organization; the next introduces the concept of discrete structural alignment and assesses the empirical evidence in predicting firm boundaries; the third section discusses contributions to problems beyond make-buy, focusing on strategic alliances, international business, and performance; the fourth section highlights emerging areas of research and research opportunities in the areas of contracts, technological evolution, and industry dynamics and concerns related to measurement and methodological issues; and the fifth section summarizes and concludes. Formulation of Transaction Cost Economics Economics students are certainly aware of the Coase Theorem and the fact that Ronald Coase won the Nobel Prize for Economics in 1991. What they may not be aware of is the contribution Coase made to rethinking economic organization. In a seminal paper published in 1937, Coase proposed relaxing the assumption that transactions costs are zero, and once those costs are allowed to be positive, insights surrounding the efficacy of markets and the costs of bureaucracy are altered. Coase is among a group of economists, who, beginning in the 1960s, sought to better understand institutions and the reasons for why we observe different forms of exchange. In essence, if markets work so well, why is there a need for firms at all? Why are contracts between firms specialized? With […]
Economics Research Paper Examples
Economics Research Paper Examples. Readers interested in learning about economic analysis of a topic or issue as well as students developing research papers will find sample research papers on various economic topics. And economists seeking to learn about extensions of analysis into new areas or about new approaches will benefit from research papers on cutting-edge topics. The sample research papers linked in this list provide a good place to begin researching or studying a topic in economics.
This sample Matching Markets Research Paper is published for educational and informational purposes only. Free research papers are not written by our writers, they are contributed by users, so we are not responsible for the content of this free sample paper. If you want to buy a high quality research paper on any topic at affordable price please use custom research paper writing services. A matching market assigns objects to individuals, or individuals to each other. Typically, the different objects are indivisible, and individuals differ in how much they value each of them, so that the assignment has important implications for the well-being of the individuals. Moreover, relevant applications involve markets where the use of monetary payments is limited or infeasible, such as public school choice, assignment of graduate students, or the exchange of live-donor kidneys for transplantation. In these markets, exhausting all opportunities for mutually beneficial exchange with the limited means available is important for the well-being and, in the case of the last example, the health of those involved. This research paper will demonstrate how economic theory can offer some guidance for the design of markets in order to solve such problems of assignment. Several problems may arise in assignment problems that impede the attainment of a satisfactory outcome, where “satisfactory” could refer to Pareto efficiency or to other welfare criteria. Best understood among these problems are unraveling, strategic behavior and a failure to arrive at a stable allocation; they will be defined and discussed later in greater detail. Indeed, a growing body of economic research on market design is concerned with developing mechanisms that ensure that outcomes with desirable welfare properties are reached, while ensuring that individuals have adequate incentives to participate and to truthfully reveal their preferences over how much they value the objects to be assigned. Two such mechanisms, the Gale-Shapley mechanism and the top trading cycles mechanism, will be presented here, as well as applications to assigning students to colleges and schools and to the exchange of live-donor kidneys for transplantation. This research paper is organized as follows. The next section gives an introduction to the theory of matching markets, discussing characteristics that typically distinguish matching from competitive markets, such as heterogeneity, indivisibility, and a lack of market prices. Then the concepts of stability, strategy-proofless, and optimality of an outcome are presented. Also, two algorithms that can be used to achieve outcomes with these properties are briefly discussed. To illustrate the practical relevance of matching markets, three applications of real-world assignment problems and the methods that have been employed to solve them are then described. A short discussion of policy considerations and a brief survey of further topics in matching market theory follow, and several areas for future research are reviewed that promise to eventually generate interesting and much-needed results. The research paper concludes with a summary. Also included is a detailed list of references for the interested reader. Theory The following gives a brief introduction in the theory of matching markets, with an emphasis on stable outcomes […]
This sample Evolutionary Economics Research Paper is published for educational and informational purposes only. Free research papers are not written by our writers, they are contributed by users, so we are not responsible for the content of this free sample paper. If you want to buy a high quality research paper on any topic at affordable price please use custom research paper writing services. Evolutionary economics has gained increasing acceptance as a field of economics that focuses on change over time in the process of material provisioning (production, distribution, and consumption) and the social institutions that surround that process. It is closely related to, and often draws on research in, other disciplines such as economic sociology, economic anthropology, and international political economy. It has important implications for many other fields in economics, including, but not limited to, growth theory, economic development, economic history, political economy, history of thought, gender economics, industrial organization, the study of business cycles, and financial crises. Historically, evolutionary economics was the province of critics of the mainstream, neoclassical tradition. Both Marxist and original institutional economists (OIE) have long asserted the importance and relevance of understanding change over time and critiqued the standard competitive model for its abstract, ahistorical, and static focus. In recent years, however, the rise of the new institutional economics (NIE) as well as game theory has resulted in wider acceptance of evolutionary explanations by the mainstream (Hodgson, 2007b, pp. 1-15; North, 1990). Consequently, it is now possible to identify three major traditions in evolutionary economics: the Marxist (Sherman, 2006), the OIE (Hodgson, 2004), and the NIE (North, 1990). Each of these major traditions encompasses multiple strands within it. As a general rule, Marxists and OIEs seek to replace the standard competitive model of mainstream economics, while NIEs seek to complement the standard competitive model, although the growing acceptance of game theory may make this less of an important distinction. Despite their differences, it is possible to identify some common themes that are shared by each of these disparate traditions. For example, authors in each tradition have exhibited a concern with how the interaction of technology, social institutions, and ideologies leads to changes in economic and social organization over time. The goal of this research paper is to introduce the reader to a few of the major concerns, themes, and important authors of each respective tradition. In doing so, it will first address some general issues in evolutionary economics, including its relationship to evolutionary biology as well as some conceptual, definitional, and taxonomic issues. It will then proceed to provide a brief overview of the evolution of each respective tradition. Unfortunately, the length of this entry precludes discussion of many worthy contributions to each tradition as well as important topics that can and should be addressed by evolutionary economics. For example, space does not permit a discussion of how evolutionary economics could be applied to gender economics or how economists who write on gender often incorporate the contributions of evolutionary economists. Nor will this entry attempt to assess […]
This sample Neuroeconomics Research Paper is published for educational and informational purposes only. Free research papers are not written by our writers, they are contributed by users, so we are not responsible for the content of this free sample paper. If you want to buy a high quality research paper on any topic at affordable price please use custom research paper writing services. Decision making is a fundamental part of human behavior. We all make decisions every day that influence our health, well-being, finances, and future prospects, among other things. Researchers have become increasingly interested in why we make the decisions we do, especially when, in many cases, these decisions do not appear to be rational or beneficial to us in the long run. While neoclassical economics has traditionally looked at how people should behave, other disciplines such as psychology and cognitive science have tried to answer the question of why people act the way they do. A new discipline, referred to as neuroeconomics, has sought to meld theory and methodology from diverse areas such as economics, psychology, neuroscience, and decision theory to create a model of human behavior that not only explains but also predicts how people make decisions (Glimcher & Rustichini, 2004). Neuroeconomics research examines how people make choices and attempts to determine the underlying neural basis for these choices and decisions. This research paper examines some of the seminal studies in neuroeconomics, highlighting the public policy implications and offering areas of future research where neuroeconomics could be applied. Theory Traditional economic theory has maintained that humans are rational decision-making entities, that each individual has a clear sense of his or her own preferences, tries to maximize his or her own well-being, and makes consistent choices over time (Huang, 2005). However, this model is more often violated than upheld as people and animals attempt to outwit evolution and destiny. Neuroscience gives researchers the opportunity to look into the “black box” of cognitive processing to reveal empirical indications of how the brain really processes choice, risk, and preferences. The goal is to create “a complete neu-roeconomic theory of the brain” (Glimcher, 2003). Decision theory integrates mathematics and statistics to better understand how decisions such as choices between incommensurable commodities, choice under uncertainty, intertemporal choice, and social choice are made. It has been assumed that agents respond rationally in forming their choices and preferences. This theory finds that any “normal” preference relation over a finite set of states can be expressed as an expected utility equation. However, the introduction of prospect theory, which suggests the possibility that other factors may affect behavioral decision making for the individual, has generated an interest in understanding the underlying mechanisms of preference, judgment, and choice (Kahneman & Tversky, 1979). The significance of these findings can have important implications for the marketing discipline. To this end, a better understanding of the decision-making processes used by people is important to understanding the critical drivers of economic behavior. Psychology has sought to investigate the inner workings of the human mind (Camerer, […]
This sample Feminist Economics Research Paper is published for educational and informational purposes only. Free research papers are not written by our writers, they are contributed by users, so we are not responsible for the content of this free sample paper. If you want to buy a high quality research paper on any topic at affordable price please use custom research paper writing services. During the nineteenth and early twentieth centuries, | in Western countries such as the United States and Britain, women’s economic situation was largely dictated by the legal framework within which economic activity took place. Some examples include the legal requirement, embedded within the common law of marriage, for wives to provide housework, childrearing, and sexual services to their husbands, in return for at least a minimal subsistence. Husbands were legally entitled to the wage earnings of working wives. Wives were, in effect, legal chattels. Women’s labor supply decisions were restricted by “protective legislation” with respect to total hours worked, which hours, and in which occupations. Sex discrimination was legal, and women’s wages were determined not by their productivity but by socially accepted norms, such as the widespread belief that women worked for “pin money” rather than for economic necessity, which allowed employers to pay them badly. Indeed, working-class women were frequently unable to support themselves, making marriage an attractive economic proposition. Furthermore, women had limited opportunities, if any, to attend university, and they could not own property in their own names. Despite the restrictions of marriage, then, most women married because their access to economic independence was so limited. Women were assumed to be actual or future wives, and the legal and economic environment ensured that this would be so. Even in the mid-twentieth century, women in certain occupations were terminated if they got married; if a wife had a bank account in her own name, her husband had access to it, and a married woman could not borrow money without her husband’s consent. However, by the 1970s, most, if not all, of the legal restrictions on women’s economic activity mentioned above had been eliminated in modern Western countries. Most countries have ratified the Convention on the Elimination of Discrimination Against Women. And now there are laws in place that make it illegal to discriminate against women in employment, hours, earnings, and lending. Indeed, the first piece of legislation signed by President Obama was the Lily Ledbetter Act, which widens the scope of women’s access to the courts upon discovering wage discrimination on the basis of sex. Wives own their own earnings. Women have become prime ministers and presidential candidates, and they have entered the boardrooms of Fortune 500 companies. And, in the United States, women make up nearly half the labor force. This environment, in which women appear to have the same ability as men to determine their own economic fates, sometimes makes young people question the relevance of feminist economics in today’s world. As this research paper shows, however, the economic system remains a gendered system, and most […]
This sample Ethics and Economics Research Paperv is published for educational and informational purposes only. Free research papers are not written by our writers, they are contributed by users, so we are not responsible for the content of this free sample paper. If you want to buy a high quality research paper on any topic at affordable price please use custom research paper writing services. Can markets and market interactions be viewed as ethical? This is a crucial consideration inasmuch as it calls into question the entire discipline of economics and every human action within each market. Markets might very well afford individuals opportunities to choose among a variety of options and to choose rightly. If so, then markets are neither moral nor amoral, yet they create occasions for each individual to make ethical decisions. But markets are more than this from the viewpoint of the broader society. Although it is true that an individual market participant may be thinking of only his or her own family in deciding whether to purchase a quart of milk, individual participation in market interactions nevertheless leads to outcomes that—over time—lead to the mutual benefit of all, even to those not directly involved in the exchange component of given market trade. This was the point made when Adam Smith conducted his inquiry into what leads to the growing wealth of nations. Though it is no one person’s job to make sure that societal wealth and opportunities evolve, improve, and grow over time, market systems accomplish it anyway. And in the view of Smith and his successors, this great feat of the enrichment of humanity can hardly be thought unethical—though individuals may nevertheless be tempted by and succumb to occasional fits of pure selfishness. Moreover, in Smith’s view, indeed it is individuals’ own self-interest that leads them to behave in ways that are for the betterment of others, inasmuch as they value the esteem of others in their reference groups. So self-interest can reinforce rightful actions, letting individuals measure up in their own eyes as well as in the eyes of others. Yet critics of markets and market systems accuse markets themselves of rewarding only selfish behaviors. In this brutish view, the most selfish person gets farthest ahead, at the expense of others. And according to this story, a sort of market Darwinism happens wherein those who quickly appreciate that the system rewards the selfish and opportunistic will adapt, behave still more selfishly, and eventually dominate the others as the natural selection process unfolds. This is also why some charge that the study of economics leads to more selfishness: Better understandings and appreciations of markets systems—so the argument goes—lead to more selfish thoughts and actions. Even in the face of these doubts about markets and the science of their study—economics—most economists are hopeful that markets enrich the lives and work of everyone, including governments, private citizens, nongovernmental organizations, places of worship, and private organizations of all kinds. Indeed, the most rapid path out of poverty and early death is […]