Behavioral assumptions and theory development: the case of transaction cost economics

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The Three Faces of Bounded Reliability: Alfred Chandler and the Micro-Foundations of Management Theory (2015, background): “Opportunismhasbeencriticized for itsnarrowconceptual focus, forhavingearnedonly scarce and inconclusive empirical support, and, broadly speaking, for its inaccurate portrayal of human nature.(9) It has been argued that the assumption of unbounded self-interest is as unrealistic as the neoclassical a”
The Transaction Cost Economics Theory of the Family Firm: Family–Based Human Asset Specificity and the Bifurcation Bias (2012, unknown): “The opportunism assumption has been criticized for its narrow conceptual focus and an inadequate portrayal of reality, as well as for the lack of sufficient empirical support (Tsang, 2006).”
Integrating variable risk preferences, trust, and transaction cost economics – 25 years on: reflections in memory of Oliver Williamson (2021, background): “Overall, although, relative to the widely studied behavioural assumption of opportunism, tests of risk preferences in the TCE context are rare in the management literature (David and Han, 2004; Tsang, 2006).”