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Transaction Costs and Incentie Theory

Author

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  • Malin, E.
  • Martimort, D.

Abstract

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 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.

Suggested Citation

  • Malin, E. & Martimort, D., 2000. "Transaction Costs and Incentie Theory," Papers 00-539, Toulouse - GREMAQ.
  • Handle: RePEc:fth:gremaq:00-539
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    Cited by:

    1. Raul V. Fabella, 2016. "Why Fixed Rent Contracts are Less Prevalent: Weak Third Party Enforcement and Endogenous Principal Type," UP School of Economics Discussion Papers 201606, University of the Philippines School of Economics.
    2. Yannis Karagiannis, 2007. "Foundational Economic Theories for Political-Scientific Inter-Branch Studies," RSCAS Working Papers 2007/16, European University Institute.
    3. Müller, Daniel & Schmitz, Patrick W., 2016. "Transaction costs and the property rights approach to the theory of the firm," European Economic Review, Elsevier, vol. 87(C), pages 92-107.
    4. Offer, Avner, 2013. "Economy of liabilities: incomplete contracts and the cost of social-oriented state," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, pages 109-126, April.
    5. Yannis Karagiannis, 2007. "Economic Theories and the Science of Inter-Branch Relations," RSCAS Working Papers 2007/04, European University Institute.

    More about this item

    Keywords

    COSTS ; TRADE ; RENT;

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights

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