final version published in: Journal of Theoretical and Institutional Economics, 2008, 164(4), 612–623
Recent thinking has emphasized the importance of consistency in a firm’s compensation
policy. By starting from Williamson’s ideas about idiosyncratic exchange, this view can be
supplied with some theoretical foundation. At the same time, the consistency view can be
applied to a number of organizational issues. It sheds new light on some Williamsonian
themes, like the boundaries of the firm or the attenuation of incentives within firms.
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