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The Perception and Measurement of Transaction Costs

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  • Buckley, Peter J
  • Chapman, Malcolm

Abstract

This paper discusses various explanations of how transaction cost-minimizing corporate configurations come about. It contrasts Darwinian with rational explanations, finding both unsatisfactory. What matters, rather than computation of fully recognized 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 paper 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. Copyright 1997 by Oxford University Press.

Suggested Citation

  • Buckley, Peter J & Chapman, Malcolm, 1997. "The Perception and Measurement of Transaction Costs," Cambridge Journal of Economics, Oxford University Press, vol. 21(2), pages 127-145, March.
  • Handle: RePEc:oup:cambje:v:21:y:1997:i:2:p:127-45
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    Cited by:

    1. Boersma, Margreet F. & Buckley, Peter J. & Ghauri, Pervez N., 2003. "Trust in international joint venture relationships," Journal of Business Research, Elsevier, vol. 56(12), pages 1031-1042, December.
    2. Bichler, Shimshon & Nitzan, Jonathan, 2017. "Growing through Sabotage: Energizing Hierarchical Power," Working Papers on Capital as Power 2017/02, Capital As Power - Toward a New Cosmology of Capitalism.
    3. Eric W. K. Tsang, 2009. "—Robust Prediction and Unrealistic Assumptions," Marketing Science, INFORMS, vol. 28(5), pages 999-1000, 09-10.
    4. Foundjem-Tita, Divine & Speelman, Stijn & D'Haese, Marijke & Degrande, Ann & Van Huylenbroeck, Guido & Van Damme, Patrick & Tchoundjeu, Zac, 2014. "A tale of transaction costs and forest law compliance: Trade permits for Non Timber Forests Products in Cameroon," Forest Policy and Economics, Elsevier, vol. 38(C), pages 132-142.
    5. 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.
    6. T Quince, 2001. "Entrepreneurial Collaboration: Terms of Endearment or Rules of Engagement?," Working Papers wp207, Centre for Business Research, University of Cambridge.
    7. Sinnewe, Elisabeth & Charles, Michael B. & Keast, Robyn, 2016. "Australia's Cooperative Research Centre Program: A transaction cost theory perspective," Research Policy, Elsevier, vol. 45(1), pages 195-204.
    8. Sorrell, Steve, 2007. "The economics of energy service contracts," Energy Policy, Elsevier, vol. 35(1), pages 507-521, January.
    9. repec:spr:manint:v:49:y:2009:i:5:d:10.1007_s11575-009-0007-6 is not listed on IDEAS
    10. Buckley, Peter J., 2016. "The contribution of internalisation theory to international business: New realities and unanswered questions," Journal of World Business, Elsevier, vol. 51(1), pages 74-82.
    11. Stephen Roper, 2005. "Cross-Border and Local Cooperation on the island of Ireland - A Behavioural Perspective," ERSA conference papers ersa05p475, European Regional Science Association.
    12. Foundjem Tita, Divine & D'Haese, Marijke & Degrande, Ann & Tchoundjeu, Zac & Van Damme, Patrick, 2011. "Farmers' satisfaction with group market arrangements as a measure of group market performance: A transaction cost analysis of Non Timber Forest Products' producer groups in Cameroon," Forest Policy and Economics, Elsevier, vol. 13(7), pages 545-553, September.
    13. Mettepenningen, E. & Beckmann, V. & Eggers, J., 2011. "Public transaction costs of agri-environmental schemes and their determinants--Analysing stakeholders' involvement and perceptions," Ecological Economics, Elsevier, vol. 70(4), pages 641-650, February.
    14. Peter Buckley & Malcolm Chapman, 1998. "The Management of Cooperative Strategies in R&D and Innovation Programmes," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 5(3), pages 369-381.
    15. Mettepenningen, Evy & Beckmann, Volker & Eggers, Jorg, 2008. "Public transaction cost of agri-environmental schemes and its determinants - Analysing stakeholders’ involvement and perceptions," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 44321, European Association of Agricultural Economists.
    16. Aggarwal, Raj & Berrill, Jenny & Hutson, Elaine & Kearney, Colm, 2011. "What is a multinational corporation? Classifying the degree of firm-level multinationality," International Business Review, Elsevier, vol. 20(5), pages 557-577, October.

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