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institutional schools of economic thinking. The shift is a change in the ultimate unit of economic investigation. The classic and hedonic economists, with their communistic and anarchistic offshoots, founded their theories on the relation of man to nature, but institutionalism is a relation of man to man. The smallest unit of the classic economists was a commodity produced by labor. The smallest unit of the hedonic economists was the same or similar commodity enjoyed by ultimate consumers. One was the objective side, the other the subjective side, of the same relation between the individual and the forces of nature. The outcome, in either case, was the materialistic metaphor of an automatic equilibrium, analogous to the waves of the ocean, but personified as "seeking their level". But the smallest unit of the institutional economists is a unit of activity – a transaction, with its participants. Transactions intervene between the labor of the classic economists and the pleasures of the hedonic economists, simply because it is society that controls access to the forces of nature, and transactions are, not the "exchange of commodities", but the alienation and acquisition, between individuals, of the rights of property and liberty created by society, which must therefore be negotiated between the parties concerned before labor can produce, or consumers can consume, or commodities be physically exchanged".
195:
250:, where he first discusses the concept of transaction costs, marking the first time that the concept of transaction costs was introduced into the study of enterprises and market organizations. The term "Transaction Costs" itself can be traced back to the monetary economics literature of the 1950s, and does not appear to have been consciously 'coined' by any particular individual.
99:
Williamson defines transaction costs as a cost innate in running an economic system of companies, comprising the total costs of making a transaction, including the cost of planning, deciding, changing plans, resolving disputes, and after-sales. According to
Williamson, the determinants of transaction
506:
and the magnitude of the transaction costs. In particular, if a party has large transaction costs but in future negotiations it can seize only a small fraction of the surplus (i.e., its bargaining power is small), then this party will not incur the transaction costs and hence the total surplus will
324:
An example of measurement, one of North's four factors of transaction costs, occurs when roving bandits calculate the success of their banditry based on how much money they can take from their citizens. Enforcement, the second of North's factors of transaction costs, may take the form of a mediator
214:
These individual actions are really trans-actions instead of either individual behavior or the "exchange" of commodities. It is this shift from commodities and individuals to transactions and working rules of collective action that marks the transition from the classical and hedonic schools to the
198:
The pool shows institutions and market as a possible form of organization to coordinate economic transactions. When the external transaction costs are higher than the internal transaction costs, the company will grow. If the internal transaction costs are higher than the external transaction costs
545:
Asset specificity: Asset specificity consist of site, physical asset, and human asset specificity. The asset specific investment is a specialized investment, which does not have market liquidity. Once the contract is terminated, the asset specific investment cannot to be redeployed. Therefore, a
537:
Information
Asymmetric: The pioneers in the market will control the direction of the market, and will know the information that is more beneficial to their own development earlier, and often these information will make opportunists and uncertain environments finalized, which will form a unique
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and its implications for predicting behavior. Whereas instrumental rationality assumes that an actor's understanding of the world is the same as the objective reality of the world, scholars who focus on transaction costs note that actors lack perfect information about the world (due to bounded
501:
In game theory, transaction costs have been studied by
Anderlini and Felli (2006). They consider a model with two parties who together can generate a surplus. Both parties are needed to create the surplus. Yet, before the parties can negotiate about dividing the surplus, each party must incur
529:
Atmosphere: The reason for increasing the difficulty of the transaction here is mostly because both parties to the transaction remain suspicious of the transaction, and the two sides are hostile to each other. Such a relationship cannot achieve a harmonious atmosphere, let alone a harmonious
533:
Small
Numbers: Because the number of the two parties is not equal, the number of available transaction objects is reduced, and the market will be dominated by a few people, which leads to higher market expenditures. The main reason here is that some deals are too
553:
Threat of opportunism: Threat of opportunism is attributed to human nature. Opportunistic behavior of vendors can lead to higher transaction coordination costs or even termination of contracts. A company can use governance mechanism to reducing the threat of
305:. To make the widget, the supplier needs to build specialized machinery that cannot be used to make other products. Once the contract is awarded to the supplier, the relationship between customer and supplier changes from a competitive environment to a
549:
Uncertainty: Uncertainty refers to the risks that may occur in a market exchange. The increase of environmental uncertainty will be accompanied by the increase of transaction cost, such as information acquisition cost, supervision cost and bargaining
119:, North's third aspect of transaction costs. Ideological attitudes and perceptions encapsulate each individual's set of values, which influences their interpretation of the world. The final aspect of transaction costs, according to North, is
541:
Frequency of exchange: Frequency of exchange refers to buyer activity in the market or the frequency of transactions between the parties occurs. The higher the frequency of transactions, the higher the relative administrative and bargaining
522:'s theory of evaluative mechanisms assess economic entitles based on eight variables: bounded rationality, atmosphere, small numbers, information asymmetric, frequency of exchange, asset specificity, uncertainty, and threat of opportunism.
320:
Car companies and their suppliers often fit into this category, with the car companies forcing price cuts on their suppliers. Defense suppliers and the military appear to have the opposite problem, with cost overruns occurring quite often.
1769:
Milgrom, P., and J. Roberts, "Bargaining Costs, Influence Costs, and the
Organization of Economic Activity," in J.E. Alt and K.A. Shepsle (eds.), Perspectives on Positive Political Economy, Cambridge: University of Cambridge, 1990,
999:
Special Issue of
Journal of Retailing in Honor of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2009 to Oliver E. Williamson, Volume 86, Issue 3, Pages 209-290 (September 2010). Edited by
1541:
Coggan, Anthea; van
Grieken, Martijn; Jardi, Xavier; Boullier, Alexis (2017). "Does asset specificity influence transaction costs and adoption? An analysis of sugarcane farmers in the Great Barrier Reef catchments".
317:. This means that the customer has greater leverage over the supplier. To avoid these potential costs, "hostages" may be swapped, which may involve partial ownership in the widget factory and revenue sharing.
482:, showed that the effects of transaction costs lead portfolio managers and options traders to deviate from neoclassically optimal portfolios extending the original analysis to derivative markets.
115:
can be defined as the need for an unbiased third party to ensure that neither party involved in the transaction reneges on their part of the deal. These first two factors appear in the concept of
526:
Bounded
Rationality: refers to the physical and mental, intellectual, emotional and other restrictions imposed by people participating in the transaction in order to maximize their interests.
927:(2003) “Ownership and the Externality Problem.” In T. L. Anderson and F. S. McChesney (eds.) Property Rights: Cooperation, Conflict, and Law. Princeton, N.J.: Princeton University Press
107:
Douglass North states that there are four factors that comprise transaction costs – "measurement", "enforcement", "ideological attitudes and perceptions", and "the size of the market".
186:. For Cheung, term "transaction costs" are better described as "institutional costs". Many economists, however, restrict this definition to exclude costs internal to an organization.
851:
These, then, represent the first approximation to a workable concept of transaction costs: search and information costs, bargaining and decision costs, policing and enforcement costs.
1633:
270:. Today, transaction cost economics is used to explain a number of different behaviours. Often this involves considering as "transactions" not only the obvious cases of
1721:
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be lost. It has been shown that the presence of transaction costs as modelled by
Anderlini and Felli can overturn central insights of the Grossman-Hart-Moore
1753:
1738:
253:
Transaction cost as a formal theory started in the late 1960s and early 1970s. And refers to the "Costs of Market
Transactions" in his seminal work,
429:
Analyzes the basic structures of the firm and its governance in order to achieve first-order economizing (improving the basic governance structure)
936:
940:
1590:
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transaction relationship. This will cause both parties to increase security measures and increase expenditure during the transaction process.
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2858:
1478:"Does asset specificity influence transaction costs and adoption? An analysis of sugarcane farmers in the Great Barrier Reef catchments"
958:
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transaction costs. Anderlini and Felli find that transaction costs cause a severe problem when there is a mismatch between the parties'
413:
Often assumes that property rights are clearly defined and that the cost of enforcing those rights by the means of courts is negligible
17:
293:
such as distributed ledger technology and blockchains may reduce transaction costs when compared to traditional forms of contracting.
1615:
Ketokivi, Mikko; Mahoney, Joseph T. (2017-10-26). "Transaction Cost Economics as a Theory of the Firm, Management, and Governance".
1628:
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are the costs of making sure the other party sticks to the terms of the contract, and taking appropriate action, often through the
1729:
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exchanges. Williamson was one of the most cited social scientists at the turn of the century, and was later awarded the 2009
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are the costs required to come to an acceptable agreement with the other party to the transaction, drawing up an appropriate
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1906:
1829:
244:. While he did not coin the specific term, Coase indeed discussed "costs of using the price mechanism" in his 1937 paper
1110:
667:
489:
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978:
883:
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are costs such as in determining that the required good is available on the market, which has the lowest price, etc.
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North, Douglass C. 1992. "Transaction costs, institutions, and economic performance", San Francisco, CA: ICS Press.
325:
in dealings with the Sicilian mafia when it is not certain that both parties will maintain their end of the deal.
236:, who used it to develop a theoretical framework for predicting when certain economic tasks would be performed by
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1993:
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2460:
2433:
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R.Almgren and N.Chriss, "Optimal execution of portfolio transactions" J. Risk, 3 (Winter 2000/2001) pp.5–39
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Uses continuous marginal modes of analysis in order to achieve second-order economizing (adjusting margins)
290:
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refers to the calculation of the value of all aspects of the good or service involved in the transaction.
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Argues that there is no optimal solution and that all alternatives are flawed, thus bounding "optimal"
444:
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2008:
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2536:
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91:, transaction costs are one of the most significant factors in business operation and management.
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1992. “Transaction costs, institutions, and economic performance.” San Francisco, CA: ICS Press.
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1973:
1948:
1918:
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1657:
1135:
620:
338:
246:
237:
683:
Pessali, Huascar F. (2006). "The rhetoric of Oliver Williamson's transaction cost economics".
2848:
2531:
2506:
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2465:
2404:
2083:
2023:
2003:
1998:
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77:
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2315:
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2231:
2157:
2108:
2073:
2013:
1978:
1913:
1896:
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Cheung, Steven N. S. (1987). "Economic organization and transaction costs" (Document). The
970:
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519:
263:
61:
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8:
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2192:
2133:
2058:
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2018:
1941:
1759:
_____ (2002). "The Theory of the Firm as Governance Structure: From Choice to Contract,"
565:
454:
to the solution with no superior alternative and whose implementation produces net gains
440:
397:
371:
175:
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1928:
232:
The term "transaction cost" is frequently and mistakenly thought to have been coined by
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615:
508:
314:
302:
241:
126:
Dahlman categorized the content of transaction activities into three broad categories:
88:
47:
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The idea that transactions form the basis of an economic theory was introduced by the
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1963:
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158:
101:
69:
53:
The idea that transactions form the basis of economic thinking was introduced by the
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1953:
1879:
1801:
1694:
1669:
1620:
1551:
1489:
1443:
1438:, in Idowu, Samuel O.; Capaldi, Nicholas; Zu, Liangrong; Gupta, Ananda Das (eds.),
1420:
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1005:
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costs. In this sense, institutions that facilitate low transaction costs can boost
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863:
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2167:
2143:
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1859:
1742:
1562:
1356:"The negotiators who knew too much: Transaction costs and incomplete information"
875:
625:
610:
600:
220:
207:
179:
150:
81:
57:
1435:
1239:
1019:"Distributed ledger technology in supply chains: a transaction cost perspective"
959:"Transaction Cost Economics as a Theory of the Firm, Management, and Governance"
749:
301:
A supplier may bid in a very competitive environment with a customer to build a
2927:
2821:
2806:
2771:
2756:
2736:
2706:
2526:
2177:
1886:
1854:
1594:
1526:
1188:
924:
475:
467:
76:, understood as the set of rules in a society, are key in the determination of
2556:
1476:
Coggan, Anthea; van Grieken, Martijn; Jardi, Xavier; Boullier, Alexis (2017).
1323:"Transaction costs and the property rights approach to the theory of the firm"
1223:
1208:
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696:
403:
Describes the firm as a governance structure (an organizational construction)
2921:
2786:
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2691:
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2621:
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2416:
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2153:
1501:
1412:
1299:
1247:
1157:
1126:
Pessali, Huascar F. (2009-09-01). "Metaphors of Transaction Cost Economics".
1044:
838:
704:
1058:
Olson, Mancur (September 1993). "Dictatorship, Democracy, and Development".
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2641:
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1936:
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1001:
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change or termination of this transaction will result in significant loss.
68:
article, published in 2008, popularized the concept of transaction costs.
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2781:
2571:
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2394:
1869:
471:
194:
183:
146:
131:
73:
1716:(1981). "The Economics of Organization: The Transaction Cost Approach,"
2701:
2501:
2278:
1192:
1079:
479:
451:
262:
Arguably, transaction cost reasoning became most widely known through
182:
economy"—in other words, any costs that arise due to the existence of
178:
defines transaction costs as any costs that are not conceivable in a "
2551:
2481:
1838:
1389:"Transaction-Cost Economics: The Governance of Contractual Relations"
310:
31:
1388:
1071:
157:, the transaction cost is some function of the distance between the
2330:
1698:
1404:
830:
664:
Outsourcing, Transaction Cost Economics and Supply Chain Management
306:
142:
915:
L. Werin and H. Wijkander (eds.), Basil Blackwell, 1992, pp. 48-65
275:
123:, which affects the partiality or impartiality of transactions.
104:, uncertainty, limited rationality, and opportunistic behavior.
538:
information gap. so as to form a transaction and obtain a profit
328:
271:
1475:
670:, Volume 44, 2 Apr 2008, pages 2-82, accessed 14 February 2023
43:
1807:
1623::10.1093/acrefore/9780190224851.013.6. Retrieved 2020-11-01.
1271:"Transaction Costs and the Robustness of the Coase Theorem*"
279:
39:
903:
Steven N. S. Cheung "On the New Institutional Economics",
870:, Cambridge University Press, pp. 65–92, 1980-05-15,
337:(1996) that Transaction Cost Economics (TCE) differs from
278:, but also day-to-day emotional interactions and informal
199:
the company will be downsized by outsourcing, for example.
1017:
Roeck, Dominik; Sternberg, Henrik; Hofmann, Erik (2019).
1187:
1617:
Oxford Research Encyclopedia of Business and Management
963:
Oxford Research Encyclopedia of Business and Management
817:
Dahlman, Carl J. (1979). "The Problem of Externality".
1103:
The Sicilian Mafia: the Business of Private Protection
864:"Property rights, transaction costs, and institutions"
488:
The transaction costs frameworks reject the notion of
367:
and ignores most of the hazards related to opportunism
1804::10.1007/978-3-642-28036-8_221. Retrieved 2020-11-01.
1796:
Young, Suzanne (2013). "Transaction Cost Economics".
1016:
1442:, Berlin, Heidelberg: Springer, pp. 2547–2552,
1195:(2016). "Option Hedging with Smooth Market Impact".
416:
Treats property rights and contracts as problematic
227:, American Economic Review, Vol.21, pp.648-657, 1931
1626:Klaes, M. (2008). "transaction costs, history of,"
1775:
651:Buy-side Use TCA to Measure Execution Performance
2919:
1649:, 62 Southern California Law Review 1661 (1989).
1440:Encyclopedia of Corporate Social Responsibility
956:
754:Encyclopedia of Corporate Social Responsibility
1773:
1589:
1268:
1823:
1544:Journal of Environmental Economics and Policy
1482:Journal of Environmental Economics and Policy
1320:
464:Downplays the importance of imperfect markets
1321:MĂĽller, Daniel; Schmitz, Patrick W. (2016).
1023:International Journal of Production Research
957:Ketokivi, Mikko; Mahoney, Joseph T. (2017).
329:Differences from neoclassical microeconomics
1640:The New Palgrave: A Dictionary of Economics
1638:Niehans, Jürg (1987). “Transaction costs,"
383:Concerned with composite goods and services
1830:
1816:
1386:
240:, and when they would be performed on the
1371:
1338:
1289:
1269:Anderlini, Luca; Felli, Leonardo (2006).
1139:
1034:
409:Problematic property rights and contracts
1732:: Firms, Markets, Relational Contracting
1629:The New Palgrave Dictionary of Economics
1105:. Harvard University Press. p. 15.
1100:
514:
193:
1782:. Englewood Cliffs, NJ: Prentice-Hall.
1730:The Economic Institutions of Capitalism
1561:
1535:New Palgrave: A Dictionary of Economics
1353:
1224:"A Transaction Cost Theory of Politics"
1125:
930:
918:
816:
682:
171:, if this turns out not to be the case.
14:
2920:
1778:Economics, Organization and Management
1532:
1811:
1680:
1652:
1433:
1221:
1060:The American Political Science Review
1057:
909:
897:
756:. Springer Link. pp. 2547–2552.
747:
149:this is analyzed for instance in the
117:ideological attitudes and perceptions
1599:Economic Approaches to Organizations
971:10.1093/acrefore/9780190224851.013.6
734:
732:
730:
728:
726:
724:
722:
678:
676:
1907:Agent-based computational economics
1197:Market Microstructure and Liquidity
24:
1674:10.1111/j.1468-0335.1937.tb00002.x
790:
685:Journal of Institutional Economics
668:Journal of Supply Chain Management
25:
2949:
1774:Milgrom, P.; Roberts, J. (1992).
1718:The American Journal of Sociology
1601:(5th ed.). London: Pearson.
1222:North, Douglass C. (1990-10-01).
719:
673:
289:Technologies associated with the
284:Nobel Memorial Prize in Economics
42:incurred when making an economic
2365:neoclassical–Keynesian synthesis
1761:Journal of Economic Perspectives
1647:The Problem of Transaction Costs
1554::10.1080/21606544.2016.1175975.
1393:The Journal of Law and Economics
1340:10.1016/j.euroecorev.2016.04.013
1291:10.1111/j.1468-0297.2006.01054.x
868:The Open Field System and Beyond
386:Analyzes the transaction itself
1469:
1427:
1380:
1347:
1314:
1262:
1228:Journal of Theoretical Politics
1215:
1181:
1172:
1119:
1094:
1051:
1010:
993:
950:
1387:Williamson, Oliver E. (1979).
856:
810:
784:
741:
656:
644:
496:
400:(a technological construction)
165:Policing and enforcement costs
13:
1:
2301:Critique of political economy
1837:
1520:
1494:10.1080/21606544.2016.1175975
1448:10.1007/978-3-642-28036-8_221
1373:10.1016/j.econlet.2016.05.009
1036:10.1080/00207543.2019.1657247
762:10.1007/978-3-642-28036-8_221
139:Bargaining and decision costs
94:
1750:The Mechanisms of Governance
1687:Journal of Law and Economics
1683:"The Problem of Social Cost"
1436:"Transaction Cost Economics"
1354:Schmitz, Patrick W. (2016).
876:10.1017/cbo9780511896392.004
819:Journal of Law and Economics
750:"Transaction Cost Economics"
422:Discrete structural analysis
335:The Mechanisms of Governance
291:Fourth Industrial Revolution
132:Search and information costs
7:
2938:New institutional economics
1240:10.1177/0951692890002004001
626:Transaction cost accounting
606:Property rights (economics)
558:
353:Transaction cost economics
350:Neoclassical microeconomics
339:neoclassical microeconomics
296:
10:
2954:
2439:Real business-cycle theory
945:Optimal Trading Strategies
268:Transaction Cost Economics
256:The Problem of Social Cost
189:
153:. On asset markets and in
66:Transaction Cost Economics
18:Transaction-cost economics
2879:
2837:
2479:
2213:
1962:
1927:
1845:
1745:New York, NY: Free Press.
1567:"Institutional Economics"
1209:10.1142/S2382626616500027
1150:10.1080/00346760801933393
947:, AMACOM, 2003, pp. 1-23.
697:10.1017/s1744137405000238
447:as criteria of efficiency
341:in the following points:
313:relationship, known as a
1756:Oxford University Press.
1658:"The Nature of the Firm"
1642:, v. 4, pp. 677–80.
1571:American Economic Review
1327:European Economic Review
1128:Review of Social Economy
1101:Gambetta, Diego (1996).
637:
490:instrumental rationality
396:Describes the firm as a
155:organizational economics
46:when participating in a
27:Cost of making any trade
2079:Industrial organization
1902:Computational economics
1434:Young, Suzanne (2013),
748:Young, Suzanne (2013).
359:Behavioural assumptions
225:Institutional Economics
210:in 1931. He said that:
205:institutional economist
55:institutional economist
2284:Modern monetary theory
1949:Experimental economics
1919:Pluralism in economics
1892:Mathematical economics
1681:Coase, Ronald (1960).
653:, FIXGlobal, June 2010
621:The Nature of the Firm
247:The Nature of the Firm
230:
200:
1714:Williamson, Oliver E.
1537:v. 2. pp. 55–58.
571:Economic anthropology
515:Evaluative mechanisms
333:Williamson argues in
212:
197:
100:costs are frequency,
2933:Production economics
2158:Social choice theory
1914:Behavioral economics
1897:Complexity economics
1278:The Economic Journal
631:Vertical integration
586:Oliver E. Williamson
520:Oliver E. Williamson
392:Governance structure
264:Oliver E. Williamson
62:Oliver E. Williamson
2242:American (National)
1942:Economic statistics
793:"Transaction Costs"
662:Williamson, O. E.,
566:Diseconomy of scale
441:profit maximization
398:production function
372:bounded rationality
176:Steven N. S. Cheung
1741:2016-03-03 at the
1527:North, Douglass C.
905:Contract Economics
616:Theory of the firm
509:theory of the firm
315:bilateral monopoly
201:
2915:
2914:
2446:New institutional
1789:978-0-13-224650-7
1736:Preview to p. 25.
1457:978-3-642-28036-8
1360:Economics Letters
771:978-3-642-28035-1
504:bargaining powers
486:
485:
460:Imperfect Markets
445:cost minimization
159:supply and demand
70:Douglass C. North
16:(Redirected from
2945:
2119:Natural resource
1954:Economic history
1880:Mechanism design
1832:
1825:
1818:
1809:
1808:
1793:
1781:
1710:
1677:
1612:
1586:
1584:
1582:
1558: 2160-6544.
1538:
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1384:
1378:
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1318:
1312:
1311:
1293:
1284:(508): 223–245.
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1185:
1179:
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1123:
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1116:
1098:
1092:
1091:
1055:
1049:
1048:
1038:
1029:(7): 2124–2141.
1014:
1008:
1006:Robert Dahlstrom
997:
991:
990:
988:
987:
954:
948:
934:
928:
922:
916:
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901:
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797:investopedia.com
788:
782:
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778:
745:
739:
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717:
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680:
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660:
654:
648:
596:Interaction cost
591:Opportunity Cost
581:Herbert A. Simon
379:Unit of analysis
365:hyperrationality
344:
343:
228:
89:production costs
36:transaction cost
21:
2953:
2952:
2948:
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2911:
2908:Business portal
2875:
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2597:von Böhm-Bawerk
2485:
2484:
2475:
2247:Ancient thought
2225:
2224:
2218:
2209:
2208:
2207:
1958:
1923:
1875:Contract theory
1860:Decision theory
1841:
1836:
1790:
1743:Wayback Machine
1668:(16): 386–405.
1645:Pierre Schlag,
1632:, 2nd Edition.
1609:
1595:Schreuder, Hein
1580:
1578:
1523:
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791:Downey, Lucas.
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681:
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661:
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649:
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635:
611:Switching costs
561:
517:
499:
331:
299:
229:
221:John R. Commons
219:
208:John R. Commons
192:
180:Robinson Crusoe
151:game of chicken
97:
82:economic growth
58:John R. Commons
28:
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2311:Disequilibrium
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2124:Organizational
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1855:Microeconomics
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1757:
1748:_____ (1996).
1746:
1727:_____ (1985).
1725:
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1699:10.1086/466560
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1530:
1522:
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1468:
1456:
1426:
1405:10.1086/466942
1399:(2): 233–261.
1379:
1346:
1313:
1261:
1234:(4): 355–367.
1214:
1189:Robert Almgren
1180:
1171:
1141:10.1.1.322.614
1134:(3): 313–328.
1118:
1112:978-0674807426
1111:
1093:
1066:(3): 567–576.
1050:
1009:
992:
979:
949:
937:Robert Kissell
929:
925:Harold Demsetz
917:
908:
896:
884:
855:
831:10.1086/466936
825:(1): 141–162.
809:
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493:rationality).
484:
483:
476:Robert Almgren
468:Robert Almgren
465:
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435:Remediableness
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217:
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173:
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162:
145:and so on. In
136:
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2492:de Mandeville
2490:
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2434:New classical
2432:
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2403:
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2390:Malthusianism
2388:
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2377:
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2351:Institutional
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2154:Public choice
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2129:Participation
2127:
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2110:
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2089:Institutional
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2039:Expeditionary
2037:
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2030:
2029:Environmental
2027:
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2015:
2012:
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1810:
1803:
1799:
1798:Springer Link
1795:
1791:
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1780:
1779:
1772:
1768:
1766:
1763:, 16(3), pp.
1762:
1758:
1755:
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1744:
1740:
1737:
1733:
1731:
1726:
1723:
1720:, 87(3), pp.
1719:
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1708:
1704:
1700:
1696:
1692:
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1659:
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1654:Coase, Ronald
1651:
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941:Morton Glantz
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601:Market impact
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19:
2903:Publications
2859:Publications
2826:
2422:Neoclassical
2412:Mercantilism
2321:Evolutionary
2183:Sociological
2156: /
2054:Geographical
2034:Evolutionary
2009:Digitization
1974:Agricultural
1937:Econometrics
1865:Price theory
1797:
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1749:
1728:
1717:
1690:
1686:
1665:
1661:
1639:
1627:
1616:
1598:
1591:Douma, Sytse
1579:. Retrieved
1574:
1570:
1563:Commons, J.R
1550:(1): 36–50.
1547:
1543:
1488:(1): 36–50.
1485:
1481:
1471:
1461:, retrieved
1439:
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1121:
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1063:
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1022:
1012:
1002:Arne Nygaard
995:
984:. Retrieved
962:
952:
944:
932:
920:
911:
904:
899:
889:, retrieved
867:
858:
850:
822:
818:
812:
800:. Retrieved
796:
786:
775:. Retrieved
753:
743:
691:(1): 45–65.
688:
684:
658:
646:
576:Ronald Coase
554:opportunism.
534:proprietary.
518:
500:
487:
474:, and later
459:
434:
421:
408:
391:
378:
358:
334:
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323:
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184:institutions
174:
169:legal system
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74:institutions
72:argues that
65:
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2697:von Neumann
2466:Supply-side
2451:Physiocracy
2395:Marginalism
2084:Information
2024:Engineering
2004:Development
1999:Demographic
1870:Game theory
1847:Theoretical
1581:February 8,
1203:: 1650002.
497:Game theory
472:Neil Chriss
439:Recognizes
147:game theory
121:market size
113:Enforcement
109:Measurement
102:specificity
78:transaction
2922:Categories
2854:Economists
2727:Schumacher
2632:Schumpeter
2602:von Wieser
2522:von ThĂĽnen
2482:Economists
2381:Circuitism
2346:Humanistic
2341:Historical
2316:Ecological
2306:Democratic
2279:Chartalism
2269:Behavioral
2232:Mainstream
2193:Statistics
2188:Solidarity
2109:Managerial
2074:Humanistic
2069:Historical
2014:Ecological
1979:Behavioral
1521:References
1463:2020-11-01
1333:: 92–107.
1193:Tianhui Li
986:2020-11-01
891:2023-04-23
777:2020-11-01
480:Tianhui Li
452:efficiency
95:Definition
87:Alongside
2772:Greenspan
2737:Samuelson
2717:Galbraith
2687:Tinbergen
2627:von Mises
2622:Heckscher
2582:Edgeworth
2461:Stockholm
2456:Socialist
2356:Keynesian
2336:Happiness
2296:Classical
2257:Mutualism
2252:Anarchist
2237:Heterodox
2134:Personnel
2094:Knowledge
2059:Happiness
2049:Financial
2019:Education
1994:Democracy
1929:Empirical
1839:Economics
1707:222331226
1662:Economica
1634:Abstract.
1577:: 648–657
1510:168172769
1502:2160-6544
1413:0022-2186
1366:: 33–37.
1300:1468-0297
1256:154451243
1248:0951-6298
1158:0034-6764
1136:CiteSeerX
1088:145312307
1045:0020-7543
847:154906153
839:0022-2186
705:1744-1382
311:monopsony
259:(1960).
60:in 1931.
32:economics
2883:Category
2863:journals
2849:Glossary
2802:Stiglitz
2767:Rothbard
2747:Buchanan
2732:Friedman
2722:Koopmans
2712:Leontief
2692:Robinson
2577:Marshall
2427:Lausanne
2331:Georgism
2326:Feminist
2274:Buddhist
2264:Austrian
2163:Regional
2139:Planning
2114:Monetary
2044:Feminist
1989:Cultural
1984:Business
1765:171-195.
1754:Preview.
1739:Archived
1693:: 1–44.
1656:(1937).
1597:(2012).
1565:(1931).
1166:18240827
713:59432864
559:See also
370:Assumes
363:Assumes
307:monopoly
297:Examples
218:—
143:contract
2898:Outline
2869:Schools
2861: (
2822:Piketty
2817:Krugman
2682:Kuznets
2672:Kalecki
2647:Polanyi
2537:Cournot
2532:Bastiat
2517:Ricardo
2507:Malthus
2497:Quesnay
2400:Marxian
2291:Chicago
2221:history
2216:Schools
2203:Welfare
2173:Service
1964:Applied
1722:548-577
1421:8559551
1308:3059129
1080:2938736
276:selling
190:History
2807:Thaler
2787:Ostrom
2782:Becker
2777:Sowell
2757:Baumol
2662:Myrdal
2657:Sraffa
2652:Frisch
2642:Knight
2637:Keynes
2612:Fisher
2607:Veblen
2592:Pareto
2572:Menger
2567:George
2562:Jevons
2557:Walras
2547:Gossen
2471:Thermo
2149:Public
2144:Policy
2099:Labour
2064:Health
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542:costs.
303:widget
272:buying
242:market
48:market
2928:Costs
2893:Lists
2888:Index
2839:Lists
2812:Hoppe
2797:Lucas
2762:Solow
2752:Arrow
2742:Simon
2707:Lange
2702:Hicks
2677:Röpke
2667:Hayek
2617:Pigou
2587:Clark
2502:Smith
2417:Mixed
2376:Post-
2198:Urban
2178:Socio
2168:Rural
1703:S2CID
1506:S2CID
1417:S2CID
1304:S2CID
1274:(PDF)
1252:S2CID
1162:S2CID
1084:S2CID
1076:JSTOR
843:S2CID
709:S2CID
638:Notes
550:cost.
238:firms
44:trade
38:is a
2828:more
2552:Marx
2542:Mill
2527:List
2405:Neo-
2361:Neo-
1784:ISBN
1603:ISBN
1583:2013
1556:ISSN
1498:ISSN
1452:ISBN
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1004:and
975:ISBN
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880:ISBN
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804:2022
766:ISBN
701:ISSN
478:and
470:and
347:Item
280:gift
274:and
40:cost
34:, a
2792:Sen
2512:Say
2371:New
2104:Law
1802:doi
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1670:doi
1621:doi
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1368:doi
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1335:doi
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1236:doi
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