The study of Transaction Cost Economics is just one highlight ... Hart shares an example that illustrates the core of Williamson’s theory of the firm. “If you’re a coal mine, you’re fixed in place,” ...

Merton, Robert C. "An Analytic Derivation of the Cost of Deposit Insurance and Loan Guarantees : An Application of Modern Option Pricing Theory." Journal of Banking & Finance 1 (June 1977): 3–11.

The theorem implies that once ownership is established for such a resource, an efficient allocation will be established in the resulting market if transaction costs are ignorable. This paper shows ...