Turner Business has kept up with the professional accomplishments of former Turner College student Tamara Todorova, now an associate professor of economics at American University in Bulgaria (AUB), Todorova earned an MBA from the Turner College in 1996 and then went on to earn a doctorate in international economics from the University of Economics - Varna in 2001. She has been on the faculty at AUB since August of 2000. Our post of 18 January 2024 reported that Todorova published a study in the International Journal of Business Performance Management investigating how corporate culture helps to economize on the transaction costs of internal organization. Ten months later, on 22 October 2024, we reported that she earned promotion to full professor at AUB. Lastly, back in February of this year we posted that Todorova published a study in Economies that provides a mathematical approach to understand the effect of demand shifters such as consumer income and the level of advertising on the average price level in a simple partial market equilibrium model.
In today's post we offer congratulations to Todorova on her publication in the current issue of Theoretical and Practical Research in Economic Fields on Oliver Williamson's concept of opportunism as a catalyst for vertical integration in the theory of the firm. Todorova notes in her study that Williamson divides opportunism conditionally into ex ante and ex post opportunism by analogy with his classification of transaction costs as ex ante transaction costs incurred prior to concluding the deal and ex post transaction costs, which arise after that. According to Todorova, ex ante screening can prevent ex post opportunism, which is a synonym of fraud in the market game. As she concludes, the practice of cheating, lying or stealing in business relations is very common in some cultures and societies, which hampers prosperity and economic progress.
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