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Measuring Transaction Costs Using Survey Data on Sales Agreements

Author

Listed:
  • Peter Murrell

    (Department of Economics, University of Maryland)

  • Radu Paun

Abstract

A methodology is presented for transaction-cost measurement using reports from businesses. In Romania, transaction costs related to buying and selling are more than 20% of value added. The estimates correlate significantly with variables suggested by theory, indicating validity.

Suggested Citation

  • Peter Murrell & Radu Paun, 2010. "Measuring Transaction Costs Using Survey Data on Sales Agreements," Electronic Working Papers 10-001, University of Maryland, Department of Economics.
    • Handle: RePEc:umd:umdeco:10-001
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    More about this item

    Keywords

    transaction costs; measurement; new institutional economics; Romania;
    All these keywords.

    JEL classification:

    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies

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