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The Perception and Measurement of Transaction Costs

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  • Buckley, Peter J
  • Chapman, Malcolm
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    Abstract

    This paper discusses various explanations of how transaction cost-minimizing corporate configurations come about. It contrasts Darwinian with rational explanations, finding both unsatisfactory. What matters, rather than computation of fully recognized transaction costs, are managerial perceptions of transaction costs. These perceptions are not expressed in numbers but in language. This is related to arguments derived from bounded rationality and from transaction cost economics. The paper argues that issues of managerial perception must become central to analysis. Existing academic traditions which accord primacy to perception and to language are drawn upon and argued to be of great relevance to future work. Copyright 1997 by Oxford University Press.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

    Volume (Year): 21 (1997)
    Issue (Month): 2 (March)
    Pages: 127-45

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    Handle: RePEc:oup:cambje:v:21:y:1997:i:2:p:127-45

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    Cited by:
    1. T Quince, 2001. "Entrepreneurial Collaboration: Terms of Endearment or Rules of Engagement?," ESRC Centre for Business Research - Working Papers wp207, ESRC Centre for Business Research.
    2. Mettepenningen, Evy & Beckmann, Volker & Eggers, Jorg, 2008. "Public transaction cost of agri-environmental schemes and its determinants - Analysing stakeholders’ involvement and perceptions," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 44321, European Association of Agricultural Economists.
    3. Foundjem Tita, Divine & D'Haese, Marijke & Degrande, Ann & Tchoundjeu, Zac & Van Damme, Patrick, 2011. "Farmers' satisfaction with group market arrangements as a measure of group market performance: A transaction cost analysis of Non Timber Forest Products' producer groups in Cameroon," Forest Policy and Economics, Elsevier, vol. 13(7), pages 545-553, September.
    4. Zezza, Alberto & Llambi, Luis, 2002. "Meso-Economic Filters Along the Policy Chain: Understanding the Links Between Policy Reforms and Rural Poverty in Latin America," World Development, Elsevier, vol. 30(11), pages 1865-1884, November.
    5. Aggarwal, Raj & Berrill, Jenny & Hutson, Elaine & Kearney, Colm, 2011. "What is a multinational corporation? Classifying the degree of firm-level multinationality," International Business Review, Elsevier, vol. 20(5), pages 557-577, October.
    6. Peter Buckley & Malcolm Chapman, 1998. "The Management of Cooperative Strategies in R&D and Innovation Programmes," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 5(3), pages 369-381.
    7. Sorrell, Steve, 2007. "The economics of energy service contracts," Energy Policy, Elsevier, vol. 35(1), pages 507-521, January.
    8. Boersma, Margreet F. & Buckley, Peter J. & Ghauri, Pervez N., 2003. "Trust in international joint venture relationships," Journal of Business Research, Elsevier, vol. 56(12), pages 1031-1042, December.
    9. Foundjem-Tita, Divine & Speelman, Stijn & D'Haese, Marijke & Degrande, Ann & Van Huylenbroeck, Guido & Van Damme, Patrick & Tchoundjeu, Zac, 2014. "A tale of transaction costs and forest law compliance: Trade permits for Non Timber Forests Products in Cameroon," Forest Policy and Economics, Elsevier, vol. 38(C), pages 132-142.
    10. Stephen Roper, 2005. "Cross-Border and Local Cooperation on the island of Ireland - A Behavioural Perspective," ERSA conference papers ersa05p475, European Regional Science Association.

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