Transaction Costs and Incentie Theory
AbstractThis paper tries to reconcile incentive theory with transaction costs theory. we first discuss the fundamental assumptions underlying the use of the Revelation Principle in the standard mecanisme design literature and show how various contractual incompletenesses and externalities induced by transaction costs affect the basic trade-off between allocative efficiency and informational rents highlighted by this literature. We then propose reduced form formula to precisely describe the impact of these transaction costs in various contexts.
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Bibliographic InfoPaper provided by Toulouse - GREMAQ in its series Papers with number 00-539.
Length: 24 pages
Date of creation: 2000
Date of revision:
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COSTS ; TRADE ; RENT;
Other versions of this item:
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
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- Yannis Karagiannis, 2007. "Foundational Economic Theories for Political-Scientific Inter-Branch Studies," RSCAS Working Papers 2007/16, European University Institute.
- Yannis Karagiannis, 2007. "Economic Theories and the Science of Inter-Branch Relations," RSCAS Working Papers 2007/04, European University Institute.
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