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Transaction Costs and Incentive Theory

Author

Listed:
  • Eric Malin

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

  • David Martimort

    (GREMAQ - Groupe de recherche en économie mathématique et quantitative - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper tries to reconcile incentive theory with transaction costs theory. we first discuss the fundamental assumptions underlying the use of the Revelation Principle in the standard mecanisme design literature and show how various contractual incompletenesses and externalities induced by transaction costs affect the basic trade-off between allocative efficiency and informational rents highlighted by this literature. We then propose reduced form formula to precisely describe the impact of these transaction costs in various contexts.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Eric Malin & David Martimort, 2000. "Transaction Costs and Incentive Theory," Post-Print halshs-00440473, HAL.
    • Handle: RePEc:hal:journl:halshs-00440473
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    Cited by:

    1. Müller, Daniel & Schmitz, Patrick W., 2016. "Transaction costs and the property rights approach to the theory of the firm," European Economic Review, Elsevier, vol. 87(C), pages 92-107.
    2. Yannis Karagiannis, 2007. "Foundational Economic Theories for Political-Scientific Inter-Branch Studies," RSCAS Working Papers 2007/16, European University Institute.
    3. Albert N. Honlonkou & Rashid M. Hassan, 2015. "Developing Countries' Response To The Clean Development Mechanism Under Imperfect Information And Transaction Costs," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 6(01), pages 1-22.
    4. Raul V. Fabella, 2016. "Why Fixed Rent Contracts are Less Prevalent: Weak Third Party Enforcement and Endogenous Principal Type," UP School of Economics Discussion Papers 201606, University of the Philippines School of Economics.
    5. Offer, Avner, 2013. "Economy of liabilities: incomplete contracts and the cost of social-oriented state," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, pages 109-126, April.
    6. Yannis Karagiannis, 2007. "Economic Theories and the Science of Inter-Branch Relations," RSCAS Working Papers 2007/04, European University Institute.

    More about this item

    Keywords

    coûts de transaction; théorie des incitations; théorie de la réglementation;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights

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