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Theoretical Difficulties With Transaction Cost Measurement

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Author Info
DOUGLAS W. ALLEN () (Department of Economics, Simon Fraser University, 8888 University Drive, Burnaby, B.C., V5A 1S6, Canada)

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Abstract

The transaction cost literature continues to mature as improvements have been made on both theoretical and empirical fronts. Over the past several years, serious attempts have been made to actually measure transaction costs. Here I argue that successful measurement must solve three methodological problems: the fundamental problem of monitoring, the problem of the next best, and the insufficiency of price spreads. I argue that the key to working through these problems is to have the proper theoretical definition of transaction costs couched within a model that accounts for the institutional details in question.

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Publisher Info
Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Division of Labor & Transaction Costs.

Volume (Year): 02 (2006)
Issue (Month): 01 ()
Pages: 1-14
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Handle: RePEc:wsi:dltcxx:v:02:y:2006:i:01:p:1-14

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Related research
Keywords: Transaction costs; property rights; measurement;

Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
D - Microeconomics
E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
F - International Economics
F11 - International Economics - - Trade - - - Neoclassical Models of Trade
F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies
F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
J2 - Labor and Demographic Economics - - Demand and Supply of Labor
J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
L - Industrial Organization
O - Economic Development, Technological Change, and Growth

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This page was last updated on 2009-11-6.

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