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The Perception and Measurement of Transaction Costs

In: International Business

Author

Listed:
  • Peter J. Buckley
  • Malcolm Chapman

Abstract

The chapter discusses various explanations of how transaction cost-minimising corporate configurations come about. It contrasts Darwinian with rational explanations, finding both unsatisfactory. What matters, rather than computation of fully recognised 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 chapter 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.

Suggested Citation

  • Peter J. Buckley & Malcolm Chapman, 1998. "The Perception and Measurement of Transaction Costs," Palgrave Macmillan Books, in: International Business, chapter 3, pages 57-86, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26416-2_3
    DOI: 10.1007/978-1-349-26416-2_3
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    Cited by:

    1. 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.

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