Transaction costs — explaining the shape you're in Available to Purchase

Describes an overview of a substantial body of theory, whose importance lies in the concept, not the detail. States one of the bugbears of joint ventures is the worry that a partner may have a hidden agenda. Posits many alliances are formed to gain access to specific assets, but access is different to ownership. Concludes firms should be structured and organized in such a way that rationality is enhanced and opportunistic self‐interest reduced.