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Transaction costs: classification and measurement (Microeconomic level)

Author

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  • Kalin Gospodinov

    (University of Economics - Varna)

Abstract

Current paper deals with the phenomenon of transactional costs as a general term for the amassed operational losses of economic subjects, associated with the market realization of their goods and services. Following the political transition in Bulgaria an ever increasing number of companies are now faced with floods of contracts and provisional agreements that came to replace the former administrative regulations and directives. The thereof associated additional costs need to be optimized on microeconomic level, via reassessment of the existing accounting algorithms within companies. Real-life economic data demonstrates substantial lack of experience with regard to the evaluation and optimization of transactional costs. This, in turn, call for an in-depth analysis of their origins and local determination factors, as well as their quantitative representation and minimization.

Suggested Citation

  • Kalin Gospodinov, 2014. "Transaction costs: classification and measurement (Microeconomic level)," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, issue 1, pages 21-27, November.
    • Handle: RePEc:vra:journl:y:2014:i:1:p:21-27
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    File URL: http://www.su-varna.org/izdanij/2014/Ikonomik-2014/Pages%2021-27.pdf
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    More about this item

    Keywords

    Transaction costs; transformation costs; institutions; quantitative assessment;
    All these keywords.

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General

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