By William D. Nelson
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Additional info for Advances in Business & Management: Volume 2 (Advances in Business and Management)
Hence in such transaction economy economic activities are more and more directed toward the orchestrating function. This increasing orientation of the industry sectors in transaction economies toward the orchestration function is inevitable in this era of globalization and fragmentation of production. Only those parts of the production chain where these economies have a real comparative advantage, are preserved for production at home. These are the parts of the chain which require very specific knowledge and where the coordination costs of outsourcing or subcontracting are higher than the benefits of specialization (see also figure 2b).
A common conclusion of those experiments – often shaped as social co-ordination problems – is that people are indeed inclined to behave trustingly and trustworthily (guided by norms as reciprocity and fairness), instead of playing the ―rational‖ strategy of non co-operation. This result even holds true when high sums of money are at stake, when the participants are not students, and when no reputation effects can be built up (one-shot interaction with anonymous strangers); see Camerer and Thaler (1995), Berg, Dickhaut and McCabe (1995), Cameron (1999), Fehr and Gächter (2000) and Ostrom (2000).
Agents collect and process information unto a certain aspiration level. When co-operation goes on for a while, a personal relationship develops between the contracting partners and custom and routine slip in. This is a rational way to deal with bounded rationality, because the limited processing capacity of the human brain is not distracted by operations that go well. When the relationship proceeds within certain ―tolerance boundaries‖, attention can be given to other problems (Nooteboom, 2002).