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• Transaction_cost abstract "In economics and related disciplines, a transaction cost is a cost incurred in making an economic exchange (restated: the cost of participating in a market).Transaction costs can be divided into three broad categories: Search and information costs are costs such as those incurred in determining that the required good is available on the market, which has the lowest price, etc.Bargaining costs are the costs required to come to an acceptable agreement with the other party to the transaction, drawing up an appropriate contract and so on. In game theory this is analyzed for instance in the game of chicken. On asset markets and in market microstructure, the transaction cost is some function of the distance between the bid and ask. Policing and enforcement costs are the costs of making sure the other party sticks to the terms of the contract, and taking appropriate action (often through the legal system) if this turns out not to be the case.For example, the buyer of a used car faces a variety of different transaction costs. The search costs are the costs of finding a car and determining the car's condition. The bargaining costs are the costs of negotiating a price with the seller. The policing and enforcement costs are the costs of ensuring that the seller delivers the car in the promised condition.".
• Transaction_cost thumbnail Market-Hierarchy-Model.png?width=300.
• Transaction_cost wikiPageExternalLink ?id=cCi3AAAAIAAJ.
• Transaction_cost wikiPageExternalLink PPA16,M1.
• Transaction_cost wikiPageExternalLink B11TransactionCostEconomics.asp.
• Transaction_cost wikiPageExternalLink Williamson1981.pdf.
• Transaction_cost wikiPageExternalLink FirmAsGovernanceStructure.pdf.
• Transaction_cost wikiPageExternalLink article?id=pde2008_T000239&edition=current&q=transaction%20costs&topicid=&result_number=1.
• Transaction_cost wikiPageExternalLink www.instant-science.net.
• Transaction_cost wikiPageExternalLink Williamson%20(1985),%20chapter%201.pdf.
• Transaction_cost wikiPageExternalLink 368commonsinstitutionalecon.html.
• Transaction_cost wikiPageID "145297".
• Transaction_cost wikiPageRevisionID "605932500".
• Transaction_cost hasPhotoCollection Transaction_cost.
• Transaction_cost sign John_R._Commons.
• Transaction_cost source "Institutional Economics, American Economic Review, Vol.21, pp.648-657, 1931".
• Transaction_cost text "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 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".".
• Transaction_cost subject Category:Costs.
• Transaction_cost subject Category:Microeconomics.
• Transaction_cost subject Category:New_institutional_economics.
• Transaction_cost subject Category:Production_and_organizations.
• Transaction_cost subject Category:Production_economics.
• Transaction_cost type Abstraction100002137.
• Transaction_cost type Cost113275847.
• Transaction_cost type Costs.
• Transaction_cost type Outgo113275288.
• Transaction_cost type Possession100032613.
• Transaction_cost type Relation100031921.
• Transaction_cost type TransferredProperty113252973.
• Transaction_cost comment "In economics and related disciplines, a transaction cost is a cost incurred in making an economic exchange (restated: the cost of participating in a market).Transaction costs can be divided into three broad categories: Search and information costs are costs such as those incurred in determining that the required good is available on the market, which has the lowest price, etc.Bargaining costs are the costs required to come to an acceptable agreement with the other party to the transaction, drawing up an appropriate contract and so on. ".
• Transaction_cost label "Coste de transacción".
• Transaction_cost label "Costi di transazione".
• Transaction_cost label "Coût de transaction".
• Transaction_cost label "Custo de transação".
• Transaction_cost label "Koszt transakcyjny".
• Transaction_cost label "Transactiekosten".
• Transaction_cost label "Transaction cost".
• Transaction_cost label "Transaktionskosten".
• Transaction_cost label "Трансакционные издержки".
• Transaction_cost label "تكاليف التعاملات".
• Transaction_cost label "交易成本".
• Transaction_cost label "取引コスト".
• Transaction_cost sameAs Transakční_náklady.
• Transaction_cost sameAs Transaktionskosten.
• Transaction_cost sameAs Coste_de_transacción.
• Transaction_cost sameAs Coût_de_transaction.
• Transaction_cost sameAs Costi_di_transazione.
• Transaction_cost sameAs 取引コスト.
• Transaction_cost sameAs 거래_비용.
• Transaction_cost sameAs Transactiekosten.
• Transaction_cost sameAs Koszt_transakcyjny.
• Transaction_cost sameAs Custo_de_transação.
• Transaction_cost sameAs m.012g35.
• Transaction_cost sameAs Q877496.
• Transaction_cost sameAs Q877496.
• Transaction_cost sameAs Transaction_cost.
• Transaction_cost wasDerivedFrom Transaction_cost?oldid=605932500.
• Transaction_cost depiction Market-Hierarchy-Model.png.
• Transaction_cost isPrimaryTopicOf Transaction_cost.