Measuring Transaction Costs: Diverging Approaches, Contending Practices
AbstractThis paper brings order to the vast conceptual and empirical literature on measuring transaction costs. It critically reviews the broad and diverse landscape of the field of transaction costs measurement, ranging from financial economics, Williamsonian transaction cost economics, the transaction sector, non-marketed transaction costs, environmental economics and natural resource management, institutions and development, and the economics of identity. Three sources of and three approaches to transaction costs are identified. Though the literature as a whole appears in disarray, each research program is driven by its own internal dynamics between conceptual and empirical challenges. The paper proposes that a systematic investigation of the light that the concept of transaction cost sheds on the structure of production stands out as a most promising approach to move the field forward.
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Bibliographic InfoArticle provided by World Scientific Publishing Co. Pte. Ltd. in its journal Division of Labor & Transaction Costs.
Volume (Year): 02 (2007)
Issue (Month): 02 ()
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Web page: http://www.worldscinet.com/dltc/dltc.shtml
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- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- D - Microeconomics
- E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
- F - International Economics
- F11 - International Economics - - Trade - - - Neoclassical Models of Trade
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- F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
- J2 - Labor and Demographic Economics - - Demand and Supply of Labor
- J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
- L - Industrial Organization
- O - Economic Development, Technological Change, and Growth
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- Coggan, Anthea & Buitelaar, Edwin & Whitten, Stuart & Bennett, Jeff, 2013. "Factors that influence transaction costs in development offsets: Who bears what and why?," Ecological Economics, Elsevier, vol. 88(C), pages 222-231.
- Merkert, Rico, 2010. "Changes in transaction costs over time - The case of franchised train operating firms in Britain," Research in Transportation Economics, Elsevier, vol. 29(1), pages 52-59.
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