Williamson, Oliver E. (Oliver Eaton Williamson)

Oliver E. Williamson was an influential economist known for his work on transaction cost economics. He studied how organizations and markets structure their relationships to minimize costs associated with exchanges, such as negotiating, enforcing contracts, and monitoring. Williamson's theories help explain why companies might vertical integrate (own more of their supply chain) or form alliances to reduce these costs. His insights are crucial for understanding economic organization, governance, and efficiency, and have impacted fields like business strategy, law, and public policy. He was awarded the Nobel Prize in Economic Sciences in 2009 for his pioneering work.