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Measuring the Influence of Information Networks on Transaction Costs Using a Non-parametric Regression Technique

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  • Henningsen, Geraldine
  • Henningsen, Arne
  • Henning, Christian H.C.A.

Abstract

All business transactions as well as achieving innovations take up resources, subsumed under the concept of transaction costs (TAC). One of the major factors in TAC theory is information. Information networks can catalyse the interpersonal information exchange and hence, increase the access to nonpublic information. Our analysis shows that information networks have an impact on the level of TAC. Many resources that are sacrificed for TAC are inputs that also enter the technical production process. As most production data do not separate between these two usages of inputs, high transaction costs are unveiled by reduced productivity. A cross-validated local linear non-parametric regression shows that good information networks increase the productivity of farms. A bootstrapping procedure confirms that this result is statistically significant.

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Bibliographic Info

Paper provided by European Association of Agricultural Economists in its series 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland with number 114547.

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Date of creation: 2011
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Handle: RePEc:ags:eaae11:114547

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Keywords: Resource /Energy Economics and Policy;

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  1. Jeffery Racine & Jeffrey Hart & Qi Li, 2006. "Testing the Significance of Categorical Predictor Variables in Nonparametric Regression Models," Econometric Reviews, Taylor & Francis Journals, vol. 25(4), pages 523-544.
  2. Greif, Avner, 1994. "Cultural Beliefs and the Organization of Society: A Historical and Theoretical Reflection on Collectivist and Individualist Societies," Journal of Political Economy, University of Chicago Press, vol. 102(5), pages 912-50, October.
  3. Nee, Victor, 1998. "Norms and Networks in Economic and Organizational Performance," American Economic Review, American Economic Association, vol. 88(2), pages 85-89, May.
  4. Racine, Jeff, 1997. "Consistent Significance Testing for Nonparametric Regression," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(3), pages 369-78, July.
  5. Arne Henningsen, 2009. "Why is the Polish farm sector still so underdeveloped?," Post-Communist Economies, Taylor & Francis Journals, vol. 21(1), pages 47-64.
  6. Kandori, Michihiro, 1992. "Social Norms and Community Enforcement," Review of Economic Studies, Wiley Blackwell, vol. 59(1), pages 63-80, January.
  7. Tristen Hayfield & Jeffrey S. Racine, . "Nonparametric Econometrics: The np Package," Journal of Statistical Software, American Statistical Association, vol. 27(i05).
  8. David J. Dekker, 2001. "Effects of Positions in Knowledge Networks on Trust," Tinbergen Institute Discussion Papers 01-062/1, Tinbergen Institute.
  9. Racine, Jeff & Li, Qi, 2004. "Nonparametric estimation of regression functions with both categorical and continuous data," Journal of Econometrics, Elsevier, vol. 119(1), pages 99-130, March.
  10. Frank A.G. den Butter & Robert H.J. Mosch, 2003. "Trade, Trust and Transaction Cost," Tinbergen Institute Discussion Papers 03-082/3, Tinbergen Institute.
  11. Green, Jerry & Sheshinski, Eytan, 1975. "Competitive inefficiencies in the presence of constrained transactions," Journal of Economic Theory, Elsevier, vol. 10(3), pages 343-357, June.
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