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What is Transaction Costs

Chapter 1
Comparative Approaches to Old and New Institutional Economics
Although, there is only cost in neoclassical economics. However, NIE sees this cost as a matter of fact that organizing our economics actions.
Published in Chapter:
From Old Institutional Economics to New Institutional Economics: A Short History
Ilkben Akansel (Bartin University, Turkey)
Copyright: © 2020 |Pages: 24
DOI: 10.4018/978-1-7998-0333-1.ch001
Abstract
Since different kinds of economics thoughts have been explored, few have been as peculiar as Old Institutional Economics (OIE) and New Institutional Economics (NIE). It is curious that almost every stream criticizing mainstream economics has a left wing. OIE, not a big fan of this, criticizes neoclassical economics/mainstream economics, given it arose in the US. OIE had no sense to left wing, on the contrary, it created an effect criticizing neoclassical economics in its core. Unlike OIE, NIE has many common points with neoclassical economics. NIE has several new aspects different from neoclassical economics, as it has chosen a completely different path than OIE. In this chapter, authors scrutinize circumstances that led to OIE, and what separated OIE and NIE. A brief, successively historical aspect is also provided.
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Chapter 60
An Overview of IT Outsourcing in Public-Sector Agencies
Transaction costs are the costs of contracting with a vendor through the marketplace in contrast to coordinating and managing service provision in-house (i.e., through the hierarchy). Key costs include finding, choosing, contracting with, monitoring, and controlling the work of the vendor, as well as coordinating the vendor’s activities with others being carried out by the purchaser.
Published in Chapter: An Overview of IT Outsourcing in Public-Sector Agencies; From: Handbook of Research on Public Information Technology
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Chapter 39
Costs and New Technologies in Healthcare Delivery
Costs incurred in making an transaction. They include costs of coordinating (search, communication, decision, enforcement costs) and costs of motivating (opportunity costs).
Published in Chapter: Costs and New Technologies in Healthcare Delivery; From: Encyclopedia of Healthcare Information Systems
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Chapter 16
Cyberethics of Business Social Networking
Costs that companies incur when they use outside suppliers instead of doing things internally. When is cheaper to do things externally, companies downsize. The digital paradigm is characterized by inducing low transaction costs (many times even zero).
Published in Chapter: Cyberethics of Business Social Networking; From: Handbook of Research on Business Social Networking: Organizational, Managerial, and Technological Dimensions
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Chapter 5
Customer-Oriented Global Supply Chains: Port Logistics in the Era of Globalization and Digitization
The explicit and implicit costs that firms incur when transacting with other firms in the market. The higher the costs, the more likely is the firm to internalize production.
Published in Chapter: Customer-Oriented Global Supply Chains: Port Logistics in the Era of Globalization and Digitization; From: Anthropological Approaches to Understanding Consumption Patterns and Consumer Behavior
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Chapter 26
Solumedi: Improving Service Management by Coordinating Governance Actions in Light of Transaction Cost Theory
Costs to discourage opportunistic behavior in an exchange situation which may arise ex-ante in negotiations and contract drafting, such as ex-post associated with monitoring and evaluating partner performance, adaptations, and contractual breaches.
Published in Chapter: Solumedi: Improving Service Management by Coordinating Governance Actions in Light of Transaction Cost Theory; From: Handbook of Research on Acceleration Programs for SMEs
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Chapter 19
Measuring the Digital Transformation of Education and Teaching
The “overhead” costs that contribute to pricing and influence adoption decisions. Transaction costs include necessary investments in developing new procedures and practices, competence development and training, as well as infrastructure.
Published in Chapter: Measuring the Digital Transformation of Education and Teaching; From: Handbook of Research on Faculty Development for Digital Teaching and Learning
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Chapter 6
Platform Strategy for New Product Development: The Mediating Effect of Product Platform Strategy in the Korean High Technology Industry
The cost associated with exchange of goods or services and incurred in overcoming market imperfections. Examples of transaction costs are legal fees, informational costs, transportation costs, etc.
Published in Chapter: Platform Strategy for New Product Development: The Mediating Effect of Product Platform Strategy in the Korean High Technology Industry; From: Handbook of Research on Strategic Fit and Design in Business Ecosystems
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Chapter 12
How Do Financial Constraints and Financial Crises Matter in Cash Management?: Evidence From Developing Asian Economies
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Chapter 4
Blockchanging Politics: Opening a Trustworthy but Hazardous Reforming Era
The costs incurred in making any economic trade when participating in a market. They are costs that do not accrue to any participant of the transaction.
Published in Chapter: Blockchanging Politics: Opening a Trustworthy but Hazardous Reforming Era; From: Political and Economic Implications of Blockchain Technology in Business and Healthcare
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Chapter 19
Reducing Transaction Costs with GLW Infrastructure
The costs of accomplishing a transaction. A transaction occurs “when a good or service is transferred across a technologically separable interface. One stage of processing or assembly activity terminates and another begins” (Williamson, 1981, p. 552 AU23: The in-text citation "Williamson, 1981" is not in the reference list. Please correct the citation, add the reference to the list, or delete the citation. ).
Published in Chapter: Reducing Transaction Costs with GLW Infrastructure; From: Handbook of Research on Open Source Software: Technological, Economic, and Social Perspectives
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Chapter 8
How the Global Financial Crisis and International Trade Affected Corporate Decisions?: International Evidence
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Chapter 4
The Evolution of Intermediaries in E-Commerce
Most generally, any resource costs associated with market or non-market transactions. More specifically, costs associated with completing a transaction, including fulfillment and payment.
Published in Chapter: The Evolution of Intermediaries in E-Commerce; From: Encyclopedia of E-Commerce Development, Implementation, and Management
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Chapter 319
Information Technology Outsourcing
The costs of contracting with a vendor through the marketplace, in contrast to coordinating and managing service provision “in-house” (i.e., through the hierarchy). Key costs include finding, choosing, contracting with, monitoring, and controlling the work of the vendor, as well as coordinating the vendor’s activities with others being carried out by the purchaser.
Published in Chapter: Information Technology Outsourcing; From: Encyclopedia of Information Science and Technology, Second Edition
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