Intertemporal and Dynamic Studies of Vertical Integration: An End to the Moratorium?

In 1993, Williamson noted his preference for intertemporal models rather than dynamic models of vertical integration. This paper provides a short review of some of the recent work on governance adaptation. It suggests that while empirical data and methods exist to make headway on the dynamic problems, the theoretical models have not. It concludes that more must be done on the theoretical front if we are to make headway on dynamic issues. I would like to thank Jackson Nickerson, Brian Silverman, Emerson Tiller, and Oliver Williamson for helpful comments.