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1. Klein, Crawford and Alchian (1978) argue that vertical integration can mitigate holdup problems arising from specialized assets. Their example of GM and Fisher Body shows how economic holdups were present until vertical integration. Vertical integration protects against holdups by appropriating quasi-rents. 2. Williamson (1991) addresses criticisms of transaction cost economics by arguing transactions are aligned with governance structures like markets, hybrids, and hierarchies based on their costs and

Author

Oscar Pinillos

Language

EN