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Towards a Dynamic Theory of Transactions

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  • Nooteboom, Bart

Abstract

Standard transaction cost economics (TCE) considers transactions from the perspective of static efficiency. Increasingly, attention is required to dynamic efficiency; to capabilities to exploit transaction relations for innovation. Since innovation is dependent on knowledge and learning, the step from the statics to the dynamics of exchange requires an understanding of the development and acquisition of knowledge, preferences, and meaning, and the role in that of interaction between transaction partners. As a step towards this, the article provides an exploration of theories of knowledge and knowledge development, the relation to language, the role of intersubjective relations, the connection with evolutionary theory and the implications for transaction cost theory.

Suggested Citation

  • Nooteboom, Bart, 1992. "Towards a Dynamic Theory of Transactions," Journal of Evolutionary Economics, Springer, vol. 2(4), pages 281-299, December.
    • Handle: RePEc:spr:joevec:v:2:y:1992:i:4:p:281-99
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    Citations

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    Cited by:

    1. Wuyts, Stefan & Colombo, Massimo G. & Dutta, Shantanu & Nooteboom, Bart, 2005. "Empirical tests of optimal cognitive distance," Journal of Economic Behavior & Organization, Elsevier, vol. 58(2), pages 277-302, October.
    2. Gilsing, Victor & Nooteboom, Bart & Vanhaverbeke, Wim & Duysters, Geert & van den Oord, Ad, 2008. "Network embeddedness and the exploration of novel technologies: Technological distance, betweenness centrality and density," Research Policy, Elsevier, vol. 37(10), pages 1717-1731, December.
    3. Nooteboom, Bart & Van Haverbeke, Wim & Duysters, Geert & Gilsing, Victor & van den Oord, Ad, 2007. "Optimal cognitive distance and absorptive capacity," Research Policy, Elsevier, vol. 36(7), pages 1016-1034, September.
    4. Colombo, Massimo G. & Garrone, Paola, 1998. "Common carriers' entry into multimedia services," Information Economics and Policy, Elsevier, vol. 10(1), pages 77-105, March.
    5. Nooteboom, B. & Bogenrieder, I.M., 2003. "Change Of Routines: A Multi-Level Analysis," ERIM Report Series Research in Management ERS-2003-029-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    6. Colombo, Massimo G. & Grilli, Luca & Piva, Evila, 2006. "In search of complementary assets: The determinants of alliance formation of high-tech start-ups," Research Policy, Elsevier, vol. 35(8), pages 1166-1199, October.
    7. Nooteboom, Bart, 1999. "Innovation and inter-firm linkages: new implications for policy," Research Policy, Elsevier, vol. 28(8), pages 793-805, November.
    8. Expósito-Langa, Manuel & Molina-Morales, F. Xavier & Tomás-Miquel, José-Vicente, 2015. "How shared vision moderates the effects of absorptive capacity and networking on clustered firms’ innovation," Scandinavian Journal of Management, Elsevier, vol. 31(3), pages 293-302.
    9. Loasby, Brian J., 1998. "The organisation of capabilities," Journal of Economic Behavior & Organization, Elsevier, vol. 35(2), pages 139-160, April.
    10. Kamp, Linda M. & Smits, Ruud E. H. M. & Andriesse, Cornelis D., 2004. "Notions on learning applied to wind turbine development in the Netherlands and Denmark," Energy Policy, Elsevier, vol. 32(14), pages 1625-1637, September.
    11. Jiang, Marshall S. & Chu, Rongwei & Pan, Yigang, 2011. "Anticipated duration of international joint ventures: A transaction cost perspective," Journal of International Management, Elsevier, vol. 17(2), pages 175-183, June.
    12. Costa e Silva, Susana & Bradley, Frank & Sousa, Carlos M.P., 2012. "Empirical test of the trust–performance link in an international alliances context," International Business Review, Elsevier, vol. 21(2), pages 293-306.
    13. Ehret, Michael & Olaniyan, Rotimi, 2023. "Banking the unbanked. Constitutive rules and the institutionalization of mobile payment systems in Nigeria," Journal of Business Research, Elsevier, vol. 163(C).
    14. Hodgson, Geoffrey M., 1998. "Competence and contract in the theory of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 35(2), pages 179-201, April.
    15. Brian J. Loasby, 2001. "Industrial Dynamics Why Connections Matter," DRUID Working Papers 01-09, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    16. Kiss, Bernadett & Neij, Lena, 2011. "The importance of learning when supporting emergent technologies for energy efficiency - A case study on policy intervention for learning for the development of energy efficient windows in Sweden," Energy Policy, Elsevier, vol. 39(10), pages 6514-6524, October.
    17. Bangens, Lennart & Araujo, Luis, 2002. "The structures and processes of learning. A case study," Journal of Business Research, Elsevier, vol. 55(7), pages 571-581, July.
    18. Bowman, Gary & Foulser-Piggott, Roxane & Beamish, Paul W, 2023. "Natural disasters and MNE internalization: Reoptimizing subsidiary governance," Journal of World Business, Elsevier, vol. 58(2).
    19. Witt, Ulrich, 1998. "Imagination and leadership - The neglected dimension of an evolutionary theory of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 35(2), pages 161-177, April.

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