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Transaction Costs and Incentive Theory

  • Eric Malin
  • David Martimort

[eng] This 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 mechanism 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. [fre] Cet article propose de réconcilier la théorie des incitations et la théorie des coûts de transaction. Nous rappelons dans un premier temps les hypothèses fondamentales sous-tendant le Principe de Révélation utilisé dans la théorie des mécanismes incitatifs. Nous montrons comment des incomplétudes contractuelles et certaines externalités induites par ces coûts de transaction affectent l'arbitrage entre efficacité allocative et rentes informationnelles. Nous proposons alors des formes réduites permettant de décrire précisément l'impact de ces coûts de transaction dans un certain nombre de contextes contractuels.

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File URL: http://dx.doi.org/10.3406/rei.2000.1043
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File URL: http://www.persee.fr/articleAsPDF/rei_0154-3229_2000_num_92_1_1043/rei_0154-3229_2000_num_92_1_1043.pdf?mode=light
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Article provided by Programme National Persée in its journal Revue d'économie industrielle.

Volume (Year): 92 (2000)
Issue (Month): 1 ()
Pages: 125-148

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Handle: RePEc:prs:recind:rei_0154-3229_2000_num_92_1_1043
Note: DOI:10.3406/rei.2000.1043
Contact details of provider: Web page: http://www.persee.fr/web/revues/home/prescript/revue/rei

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