ABSTRACT
This book presents an industry case study in ‘transaction cost economics’. Empirical, theoretical and policy-related matters are given detailed consideration. The presentation contains an economic appraisal of a major industry and it may be seen as an exploration in the economics of the multinational corporation. As we also discuss the economics of the invited tender-bid auction system, which the oil companies use to procure inputs from the offshore oil supply firms, some of the chapters are concerned with the economics of such auctions.
