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2015 Spring Symposium on Undergraduate Research and Community... has ended
Wednesday, April 22 • 9:20am - 9:40am
Transaction Cost Economics: Determining Governance Structure in the Market for Live Music

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This paper looks at how transaction cost economics can be useful in determining whether the market for live music in a small city in Western North Carolina is classical, neoclassical, or relational. Seven individuals were interviewed to see how musicians, sound companies, venue owners, and event promoters interact within the market. An adaptation of Thomas Palay’s model for determining governance structure is used to assess the five aspects of governance within the market. The results of the model are then compared to Oliver Williamson’s definitions of governance structures as derived from the works of Ronald Coase. Following these guidelines, we can determine that the governance structure for this market is highly relational. While interviews were being conducted, five out of the seven participants began to question the method by which they have organized their business and wondered whether a switch to formal contracting would be made easier. All names, of both people and companies, have been changed in order to protect the reputations of those interviewed.

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Wednesday April 22, 2015 9:20am - 9:40am
016 Karpen Hall

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