@article{1432531,
      recid = {1432531},
      author = {Peng, George Z.,},
      title = {Toward behavioral transaction cost economics : theoretical  extensions and an application to the study of MNC  subsidiary ownership /},
      pages = {1 online resource :},
      note = {Is Transaction Cost Economics Behavioral? -- Clarifying  Key Terms and Philosophical Foundations of Transaction Cost  Economics -- Opportunism and Bounded Rationality in  Transaction Cost Economics: Values, Attitudes, or  Behaviors? -- Modeling Bounded Rationality: Mediation or  Moderation-or Bounded Rationalizing? -- Toward Behavioral  Transaction Cost Economics and Beyond -- An Empirical  Application to the Study of MNC Subsidiary Ownership --  Implications, Future Directions, and Conclusion.},
      abstract = {Adopting a critical realist position, this book renders  transaction cost economics (TCE) into a behavioral theory  of organizational decision-making by foregrounding  psychological processes and introducing and integrating  with effectuation theory. Consistent with its behavioral  agenda, the book introduces the concept of uncertainty  controllability and provides a clearer conceptualization  and a novel modeling strategy of bounded rationality based  on the conceptual separation of cognitive bounds from  psychological rationalizing. The book inspires new insights  into the significance of cultural distance (CD). Based on  the understanding that culture is socially-extended  cognition, the author re-conceptualizes CD as reflecting  cognitive bounds, and uses the biases arising from CD to  contextualize effectuation and deepen the flat ontology of  both TCE and effectuation theory. The book presents a full  two-sided behavioral framework of organizational  decision-making, with behavioral TCE and behavioral real  options theory complementing each other to complete the  full behavioral picture. Both sides are further linked to  organizational learning, which reduces biases over time and  thus drives governance structures toward more rational  directions. The full framework uses prospect theory as the  overarching theory that determines which side of the  behavioral framework is relevant for the uncertainty of  concern based on the different problem frames resulting  from different degrees of uncertainty controllability.  Because effectuation can take place on both sides of the  framework based on competing risk logics, prospect theory  serves to harmonize inconsistencies in the effectuation  literature as a side note. This book applies the behavioral  TCE side of the framework to the study of MNC subsidiary  ownership decision-making process using a dataset of over  10,000 Japanese subsidiaries founded in 43 host countries.  It concludes with a discussion of implications and future  directions for TCE in general and international business in  particular.},
      url = {http://library.usi.edu/record/1432531},
      doi = {https://doi.org/10.1007/978-3-030-46878-1},
}