Academic literature on the topic 'Transaction cost economics theory'

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Journal articles on the topic "Transaction cost economics theory"

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Frolov, D. P. "From transaction costs to transaction value: Overcoming the frictional paradigm." Voprosy Ekonomiki, no. 8 (August 3, 2020): 51–81. http://dx.doi.org/10.32609/0042-8736-2020-8-51-81.

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The transaction cost economics has accumulated a mass of dogmatic concepts and assertions that have acquired high stability under the influence of path dependence. These include the dogma about transaction costs as frictions, the dogma about the unproductiveness of transactions as a generator of losses, “Stigler—Coase” theorem and the logic of transaction cost minimization, and also the dogma about the priority of institutions providing low-cost transactions. The listed dogmas underlie the prevailing tradition of transactional analysis the frictional paradigm — which, in turn, is the foundatio
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WILLIAMSON, OLIVER E. "Transaction Cost Economics and Organization Theory." Industrial and Corporate Change 2, no. 1 (1993): 107–56. http://dx.doi.org/10.1093/icc/2.1.107.

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WILLIAMSON, OLIVER E. "Transaction Cost Economics and Organization Theory." Industrial and Corporate Change 2, no. 2 (1993): 107–56. http://dx.doi.org/10.1093/icc/2.2.107.

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Whan G. Kwon, Ik, and Sung Ho Kim. "Relationship Between Economics of Trust and Transaction Cost: A Brief Exposition." International Journal of Business & Management Studies 05, no. 02 (2024): 7–11. http://dx.doi.org/10.56734/ijbms.v5n2a2.

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Survival of enterprise to some degree depends on how to manage transaction cost. It is more so in a highly competitive market with competitive products such as technology-based products. In economics, the theory of transaction costs is based on the assumption that people are influenced by competitive self-interest. Transaction cost economy which was developed by Williamson (1981) is based on uncertainty and unpredictability in the world. Asset specificity, organizations that enter into transactions find it expensive to leave them, inherent opportunistic behavior of individuals in an economic t
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See Un, Ryu. "Transaction Behavior in Nonmarket Settings: Revisiting Transaction Cost Economics Theory." Korean Journal of Policy Studies 27, no. 1 (2012): 23–40. http://dx.doi.org/10.52372/kjps27102.

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This study focuses on changes in transaction costs over time in nonmarket settings. Traditional Williamsonian transaction cost economics theory shows little concern with time. However, this study reveals that time is a crucial factor in the fluctuation of transaction costs in nonmarket settings: Transaction costs increase in the initial and middle phases of a transaction. But in the long term, they may increase or decrease and are affected considerably by whether the rules, procedures, and protocols governing the transaction are effective ("green tape") or ineffective ("red tape"). In contrast
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Hsieh, Ching-Tang, Hao-Chen Huang, and Wei-Long Lee. "Using transaction cost economics to explain open innovation in start-ups." Management Decision 54, no. 9 (2016): 2133–56. http://dx.doi.org/10.1108/md-01-2016-0012.

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Purpose The basic concept of transaction cost theory is that firms like to conduct transactions in a channel with lower transaction costs. Therefore, the purpose of this paper is to use the transaction cost perspective to identify which conditions cause companies to choose between outbound open innovation (hierarchy governance) and inbound open innovation (market governance). Design/methodology/approach Accordingly, transaction cost economics was used to relate the choice and implementation of open innovation using a sample of 250 electronics and information start-ups in China. Structural equa
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Saussier, Stéphane. "Transaction Cost Economics and Contract Duration: An Empirical Analysis of EDF Coal Contracts." Recherches économiques de Louvain 65, no. 1 (1999): 3–21. http://dx.doi.org/10.1017/s0770451800007703.

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SummaryThis paper studies duration of inter-firm contracts in a transaction cost perspective. The aim of the paper is to test the propositions that can be derived from a transaction-cost framework. We built a non-truncated database representing the entire contractual relationships of Electricité de France (EDF) with its coal carriers and coal unloaders over the period 1977–1997. Section I explores factors that can explain the choice of contract duration. Section II describes the relationships between EDF and its suppliers. In Section III, we test and confirm most propositions derived from tran
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Ketokivi, Mikko, and Joseph T. Mahoney. "Transaction Cost Economics As a Constructive Stakeholder Theory." Academy of Management Learning & Education 15, no. 1 (2016): 123–38. http://dx.doi.org/10.5465/amle.2015.0133.

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Spraakman, Gary. "Transaction cost economics: a theory for internal audit?" Managerial Auditing Journal 12, no. 7 (1997): 323–30. http://dx.doi.org/10.1108/02686909710180670.

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Noorderhaven, Niels. "The Argumentational Texture of Transaction Cost Economics." Organization Studies 16, no. 4 (1995): 605–23. http://dx.doi.org/10.1177/017084069501600407.

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The deconstruction method was used to analyze a seminal text in transaction cost economics, viz., Oliver Williamson's Economic Institutions of Capitalism. This deconstructive reading revealed that the assumption of opportunism that gives rise to the problem of economic organization as formulated by William son also tends to undermine the proposed solution to this problem. The plausi bility of unified governance as a solution to the problem of opportunism in transaction relations with asset specificity is shown to hinge on the temporary deferment of the assumption of opportunism. Thus, transact
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Dissertations / Theses on the topic "Transaction cost economics theory"

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Song, Shiyun. "Three essays in transaction cost analysis." Thesis, University of Warwick, 2018. http://wrap.warwick.ac.uk/111211/.

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This thesis studies the impact of transaction costs on stocks prices and examine the impact of institutional investors and high frequency traders (HFTs) on market quality and transaction costs. It is comprised of three chapters. Chapter 2 uses a clean and novel field experiment to study how stock prices of publicly listed companies respond to changes in transaction costs. Using the SEC's pilot program that increased the tick size for approximately 1,200 randomly chosen stocks, we find a decrease in market capitalization of $7 billion for stocks affected by the larger tick size relative to a co
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Yazdani, Nahid M. "Export mode portfolio : transaction cost economics and real options perspectives." Thesis, Loughborough University, 2017. https://dspace.lboro.ac.uk/2134/33486.

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Exporting plays an imperative role in many firms growth and survival. For that reason, a profound understanding of export operations is of interest to researchers as well as practitioners. Choosing the export mode is one of the most important strategic decisions a firm makes when exporting to its foreign markets. This decision may affect the firm s resource allocations and shape the possibility of future foreign expansion, and thus has potential performance implications. This study acknowledges that export mode choices should contribute to the firm success initially and on a continuous basis.
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Dimou, Irini. "Expansion strategies of international hotel firms : a transaction cost economics and agency theory approach." Thesis, University of Surrey, 2004. http://epubs.surrey.ac.uk/918/.

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Weiner, Scott M. "The effect of stochastic volatility on portfolio optimization with transaction costs." Thesis, University of Oxford, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.324762.

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Tirrell, Benjamin M. "ORGANIZATIONAL ECONOMICS AND THE FOOD PROCESSING INDUSTRY." UKnowledge, 2004. http://uknowledge.uky.edu/gradschool_theses/171.

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The food processing industry is dominated by large corporations. These firms play a critical role in forming the derived demand faced by agricultural producers, but little is understood about how these companies make strategic choices. Organizational economics provides a framework for exploring the firm's decision process. However, several theories exist in this discipline, operating in fundamentally different ways. This paper examines the two prevalent organizational theories, Transaction Cost Economics and Agency Theory, through a study of the food processing industry. This sector is thoroug
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Yao, Sha. "Relaying without Decoding." Doctoral thesis, KTH, Kommunikationsteori, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-29948.

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Relay networks and cooperative transmission have spurred considerable interest in recent years, promising performance improvements in, e.g., system capacity, robustness and transmission rate. In this thesis, the focus is on the so-called half-duplex relay channels, where in the system, a source node wants to transmit a message to a destination node and a relay node can potentially assist this transmission. The relay is said to be half-duplex in the sense that it cannot transmit and receive at the same time within the same frequency band. It is natural to categorize the potential relaying schem
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König, Franziska. "The uncertainty-governance choice puzzle revisited : predictions from transaction costs economics, resource-based theory, and real options theory /." Wiesbaden : Gabler, 2009. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=017152953&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

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König, Franziska. "The uncertainty-governance choice puzzle revisited predictions from transaction costs economics, resource-based theory and real options theory." Wiesbaden Gabler, 2008. http://d-nb.info/992162610/04.

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Ntiyakunze, Stanslaus Karoli. "Conflicts in Building Projets in Tanzania : Analysis of Causes and Management Approaches." Doctoral thesis, KTH, Bygg- och fastighetsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-30340.

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The prime objective of a client in a building project is to attain a successful project, a project that has been properly planned, designed and constructed in accordance with plans and specifications, and completed within time and cost originally anticipated. However the success of a building project depends on a number of variables one of them is the way the building team approach conflicts facing the project. This study examines the causes and management approaches of conflicts in building projects in Tanzania. The main objective of the study is to identify issues/areas on which conflicts oc
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Andersson, Dan, and Henrik Bernhardsson. "Ekonomisk styrning och kostnadskontroll vid IT-outsourcing." Thesis, Linköping University, Department of Management and Economics, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-1798.

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<p>Background: Many companies have outsourced their IT-operations and their expectations of what this IT-outsourcing will contribute to the business are high. Cost cuts are not always a natural outcome of IT-outsourcing. Many companies that have outsourced their IT-operations consider it to be problematic and complex to exercise management control and reach cost control which was the purpose of the IT-outsourcing.</p><p> Purpose: To describe and analyze what affect IT-outsourcing has on a company’s management control system and a company’s possibility to exercise cost control. We will also mak
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Books on the topic "Transaction cost economics theory"

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E, Williamson Oliver, and Masten Scott E. 1955-, eds. Transaction cost economics. Edward Elgar, 1995.

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Williamson, Oliver E. The transaction cost economics project: The theory and practice of the governance of contractual relations. Edward Elgar, 2013.

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Murshed, Syed Mansoob. Transaction cost politics, institutions for commitment and rent seeking. United Nations University, World Institute for Development Economics Research, 2001.

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Williamson, Oliver E. Perspectives on the economics of organization. Institute of Economic Research, Lund University, 1989.

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Casson, Mark. The economics of business culture: Game theory, transaction costs, and economic performance. Clarendon Press, 1991.

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Sewerin, Uwe. Transaktionskosten und Marktevolution: Die Relevanz von Transaktionskosten und Transaktions-Ansatz für dynamisch-evolutorische Wettbewerbstheorien. Verlag P.C.O., 1993.

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Jo, Sei-youn. A study of strategic alliance structuring in the perspectives of transaction cost economics and resource-based theory. typescript, 1998.

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Attanasio, Orazio P. intertemporal consumption choices, transaction costs and limited participation to financial markets: Reconciling data and theory. National Bureau of Economic Research, 2006.

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Ferguson, Paul R. Industrial economics: Issues and perspectives. Macmillan Education, 1988.

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Mandewirth, Sven Oliver. Transaktionskosten von Handelskooperationen: Ein Effizienzkriterium für Verbundgruppen und Franchise-Systeme. Physica, 1997.

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Book chapters on the topic "Transaction cost economics theory"

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Williamson, Oliver E. "Transaction Cost Economics." In Handbook of New Institutional Economics. Springer Nature Switzerland, 2025. https://doi.org/10.1007/978-3-031-50810-3_4.

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Abstract This chapter analyzes how transaction cost economics provides an understanding of complex economic organization by selectively joining law, economics, and organization theory. As against neoclassical economics, which is predominantly concerned with price and output, relies extensively on marginal analysis, and describes the firm as a production function (which is a technological construction), transaction cost economics (TCE) is concerned with the allocation of economic activity across alternative modes of organization (markets, firms, bureaus, etc.), employs discrete structural analy
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Rao, P. K. "Organizations Theory." In The Economics of Transaction Costs. Palgrave Macmillan UK, 2003. http://dx.doi.org/10.1057/9780230597686_8.

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Allen, Douglas W., and Dean Lueck. "Agricultural Contracts and Transaction Costs." In Handbook of New Institutional Economics. Springer Nature Switzerland, 2025. https://doi.org/10.1007/978-3-031-50810-3_27.

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Abstract Agricultural contracts are agreements between the owners of various inputs over the biological stages of food production. Biological stages of production are often heavily influenced by nature both in terms of random shocks and seasonal constraints. Nature can create large opportunities for transaction costs, constrain production specialization, and impose risk on individuals. This chapter focuses on the two main types of land contracts: cropshares and cash rents. It identifies a number of characteristics of these contracts and their evolution over time. We argue that a transaction co
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Lacity, Mary C., Leslie P. Willcocks, and Shaji Khan. "Transaction Cost Economics and After: Addressing The New Theory Challenge." In The New IT Outsourcing Landscape. Palgrave Macmillan UK, 2012. http://dx.doi.org/10.1057/9781137012296_3.

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Rugman, Alan M., and Alain Verbeke. "Towards a Theory of Regional Multinationals: A Transaction Cost Economics Approach." In The Limits to Globalization and the Regional Strategies of Multinational Enterprises. Gabler Verlag, 2005. http://dx.doi.org/10.1007/978-3-322-91005-9_1.

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Ménard, Claude. "Hybrids and Other Challenges in Organizational Economics." In Handbook of New Institutional Economics. Springer Nature Switzerland, 2025. https://doi.org/10.1007/978-3-031-50810-3_20.

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Abstract How can we explain the variety and resilience of non-standard arrangements through which agents organize the transactions that support their economic activities? This chapter proposes an extended and inclusive transaction cost framework that goes beyond the classic tradeoff between markets and hierarchies. Through the case of hybrid arrangements, this chapter argues that what differentiates hybrids and other organizational solutions are the allocation of rights in the organization of transactions and the constraints it imposes on their governance. Special attention is paid to the mech
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Hutter, Michael. "Transaction Cost and Communication: A Theory of Institutional Change, Applied to the Case of Patent Law." In International Studies in Economics and Econometrics. Springer Netherlands, 1986. http://dx.doi.org/10.1007/978-94-009-4442-8_6.

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Ventura, F., M. C. D’Arienzo, and G. Martino. "5. Italian network contracts viewed from the perspective of transaction cost economics." In It’s a jungle out there – the strange animals of economic organization in agri-food value chains. Wageningen Academic Publishers, 2017. http://dx.doi.org/10.3920/978-90-8686-844-5_5.

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Hill, Berkeley. "Market failure: some problems of using the market to allocate resources." In An introduction to economics: concepts for students of agriculture and the rural sector, 5th ed. CABI, 2021. http://dx.doi.org/10.1079/9781800620063.0007.

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Abstract This chapter explains why society acts to overcome market imperfections. Sections discuss: Adam Smith's theory of the 'invisible hand'; the value judgments of society; imperfect competition; monopoly; transaction costs; externalities associated with production and consumption; public goods; imperfect knowledge by consumers; and the macroeconomic reasons for intervening in the market system.
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Young, Suzanne. "Transaction Cost Economics." In Encyclopedia of Corporate Social Responsibility. Springer Berlin Heidelberg, 2013. http://dx.doi.org/10.1007/978-3-642-28036-8_221.

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Conference papers on the topic "Transaction cost economics theory"

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Castellar-Freile, Andres, Jean Pimentel, Alec Guerra, Pratap Kodate, and Kirti M. Yenkie. "Integration of Graph Theory and Machine Learning for Enhanced Process Synthesis and Design of Wastewater Transportation Networks." In The 35th European Symposium on Computer Aided Process Engineering. PSE Press, 2025. https://doi.org/10.69997/sct.135755.

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Process synthesis is a fundamental step in process design. The aim is to determine the optimal configuration of unit operations and stream flows to enhance key performance metrics. Traditional methods provide just one optimal solution and are strongly dependent on user-defined technologies, stream connections, and initial guesses for unknown variables. Usually, a single solution is not sufficient for adequate decision-making, especially, when properties such as flexibility or reliability are considered in addition to the process economics. Wastewater Treatment network synthesis and design is a
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Erbas, Cengiz, and Bahar Celikkol Erbas. "On a theory of software engineering a proposal based on transaction cost economics." In 2013 2nd SEMAT Workshop on a General Theory of Software Engineering (GTSE). IEEE, 2013. http://dx.doi.org/10.1109/gtse.2013.6613864.

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Tang, XiaoLing, and Qinjian Chen. "Exploration of BIM Technology Diffusion organizational model based on the transaction cost theory." In 2015 3rd International Conference on Education, Management, Arts, Economics and Social Science. Atlantis Press, 2016. http://dx.doi.org/10.2991/icemaess-15.2016.295.

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Yun-hong, Hao, Chen Hao, and Qian Chen. "The Development of the Firm Theory Based on the Analysis of Transaction Cost Economics and Evolutionary Economics." In 2009 Third International Symposium on Intelligent Information Technology Application. IEEE, 2009. http://dx.doi.org/10.1109/iita.2009.11.

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Nikolaeva, Ekaterina, Dmitri Pletnev, and Stanislav Lushnikov. "Transaction Costs of Large and Mid-sized Corporations in Russia." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.00913.

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In the times of economic instability in most developed countries, a decrease is experienced in the effectiveness of many large public corporations. Such corporations are facing high expenditures (transaction costs mostly) and extremely low return on invested capital. Medium-sized businesses, on the contrary, prove to be more efficient: they show an acceptable level of profitability and total cost savings. The purpose of the present study is to calculate and analyse transaction costs of medium and large corporations and identify an impact of these costs on the performance of companies. Within t
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Nyrhinen, Mari, and Tomi Dahlberg. "Is Transaction Cost Economics Theory Able to Explain Contracts Used for and Success of Firm-Wide IT-Infrastructure Outsourcing?" In 2007 40th Annual Hawaii International Conference on System Sciences (HICSS'07). IEEE, 2007. http://dx.doi.org/10.1109/hicss.2007.302.

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Ilbiz, Ethem, Yusaf Akbar, and Andrea Tracogna. "Reducing Transaction Costs of Epistemic Recognition through Online Platforms: Empowering Marginalised Academic Communities to Challenge Epistemic Injustice." In International Conference on Sharing Economy and Contemporary Business Models: Theory and Practice – “IC-SHARE 2024”. University of Belgrade - Faculty of Organizational Sciences, 2024. http://dx.doi.org/10.62863/fuqr6588.

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This paper offers a fresh perspective on the sharing economy by adopting the theoretical lens of transaction cost economics (TCE) with the aim of expanding the discussion on online platforms beyond a commercial context to examine their potential for social good. Focusing on the user experience, this study investigates under what conditions online platforms designed to empower marginalised academic communities in addressing epistemic injustice attract and retain prospective users by reducing the transaction costs associated with knowledge exchange between knowers and knowledge seekers. In this
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Indrawati, Nur Khusniyah. "Asset Specifications, Financing Decisions and the Impact on Financial Performance: A Perspective of Economic Transaction Cost Theory." In 23rd Asian Forum of Business Education(AFBE 2019). Atlantis Press, 2020. http://dx.doi.org/10.2991/aebmr.k.200606.032.

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Anil Keskin, Duygu, Ibrahim Anil, and Cem Canel. "A Study on the Entry Strategies Related with Risk Management of Turkish Companies to the Emerging Economies." In International Conference on Eurasian Economies. Eurasian Economists Association, 2010. http://dx.doi.org/10.36880/c01.00186.

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There is a wide literature about companies’ entry-modes (acquisition and greenfield) and ownership preferences (JV and WOS) that they use while investing abroad. In terms of these entry- modes, the explanation capacity of Institutional Theory, Transaction Cost Theory and Resource Dependency Theory have been measured by several studies. However, when these strategies are evaluated separately their explanation capacity decreases. Therefore, new approaches are used. One of these new approaches by Dunning states that the explanation capacity of these theories would be enhanced by integrating them.
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Roersen, M. J., A. J. Groen, and J. Kraaijenbrink. "A multidimensional decision-making model for internationalization of high-tech SMEs in transition economics." In 16th Annual High Technology Small Firms Conference, HTSF 2008. University of Twente, 2008. http://dx.doi.org/10.3990/2.268580753.

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Until now, international entrepreneurship has mainly used stage theory, institutional theory, transaction cost economics and the resource-based view to explain or describe the internationalization of SMEs in transition economy context. Following recent literature we contend that these approaches are highlighting interesting elements of decision processes for internationalization, but are not yet enough managerial applicable because of the unidimensionality of these theories. We provide a model in four steps which enables multidimensional analyses of internationalization processes. In this the
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Reports on the topic "Transaction cost economics theory"

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Tommasi, Mariano, Carlos Scartascini, and Ernesto H. Stein. Veto Players and Policy Trade-Offs: An Intertemporal Approach to Study the Effects of Political Institutions on Policy. Inter-American Development Bank, 2010. http://dx.doi.org/10.18235/0010932.

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The capacity to sustain policies over time and the capacity to adjust policies in the face of changing circumstances are two desirable properties of policymaking systems. The veto player approach has suggested that polities with more veto players will have the capacity to sustain policies at the expense of the ability to change policy when necessary. This paper disputes that assertion from an intertemporal perspective, drawing from transaction cost economics and repeated game theory and showing that some countries might have both more credibility and more adaptability than others. More general
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Angelis, Diana, John Dillard, Raymond Franck, Francois Melese, Mary M. Brown, and Robert M. Flowe. Exploring the Implications of Transaction Cost Economics on Joint and System-of-Systems Programs. Defense Technical Information Center, 2008. http://dx.doi.org/10.21236/ada494268.

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Steinbuks, Jevgenijs, and Badri Narayanan. Fossil Fuel Producing Economies Have Greater Potential for Interfuel Substitution. GTAP Working Paper, 2013. http://dx.doi.org/10.21642/gtap.wp73.

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This study extends the literature on interfuel substitution by investigating the role of transactions costs and technological adjustment, focusing specifically on differences across countries with different potential for fossil fuel production. We find that fossil fuel producing economies have higher elasticities of interfuel substitution. Our simulations show that, compared to the baseline case of uniform elasticities, energy and climate policies result in a greater substitution among different sources of energy for countries with larger potential to produce fossil fuels. These results are im
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Hakizimana, Naphtal, and Fabrizio Santoro,. Technology Evolution and Tax Compliance: Evidence from Rwanda. Institute of Development Studies, 2024. http://dx.doi.org/10.19088/ictd.2024.038.

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Data on economic transactions is crucial for tax administrations to be able to enforce tax compliance, and technology can be key to obtaining information. In the last decade, African tax administrations have increasingly adopted technological advances such as integrated systems, electronic filing, and electronic billing machines (EBMs). EBMs allow taxpayers to digitise their transactions and transfer billing information automatically to the revenue authority. They have high potential, as they allow firms to lower their administrative and compliance costs, streamline transactions, improve recor
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Dynarski, Susan, and Judith Scott-Clayton. The Cost of Complexity in Federal Student Aid: Lessons from Optimal Tax Theory and Behavioral Economics. National Bureau of Economic Research, 2006. http://dx.doi.org/10.3386/w12227.

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Arango-Arango, Carlos A., Ana Carolina Ramirez-Pineda, and Manuela Restrepo-Bernal. Person-to-business Instant payments in Colombia: would it stick? Banco de la República, 2022. http://dx.doi.org/10.32468/be.1192.

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More than 60 countries in the world have already implemented instant payment systems (IPS). However, in many cases they have been operational mainly for person-to-person transactions. This study looks at the challenges IPS may face in developing economies like Colombia as they advance further into the person-to-business transactions space. Using a survey on Colombian merchants (IV-2020), the study explores the factors associated with merchants´ propensity to adopt instant payments and those associated with the adoption of current electronic payment alternatives. It shows that IPS will need to
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Frisancho, Verónica. How to Raise Household Savings in LAC: Constraints and Best Practices. Inter-American Development Bank, 2016. http://dx.doi.org/10.18235/0009286.

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This technical note examines demand-side constraints households in Latin America and the Caribbean face when making saving decisions, particularly households from lower income deciles. This emphasis is important because poverty can impact individuals' ability to process information, manage their time efficiently, or resist temptation, thus limiting their ability to make sound financial choices, forecast, or plan ahead. The note first reviews the main formal constraints on saving such as transaction costs, regulatory barriers and limited trust in financial systems. The note then considers const
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Considine, Jennifer, Philip Galkin, and Abdullah Aldayel. Global Crude Oil Storage Index: A New Benchmark for Energy Policy. King Abdullah Petroleum Studies and Research Center, 2022. http://dx.doi.org/10.30573/ks--2022-mp01.

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The global oil market dwarfs other commodity markets. Its size and role in the energy and industrial value chains underscore its significant economic and geopolitical impacts. Thus, the consequences of oil price fluctuations extend far beyond the oil industry and can be viewed as a barometer of trends in the global economy. Several oil price benchmarks currently compete in the global market. The most popular ones, such as Brent or West Texas Intermediate (WTI), are backed by a sufficient supply of the underlying crude. They also meet the criteria for efficient trading, hedging and speculating
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9

Kavalsky, Basil, Jose Ignacio Sembler, Monika Huppi, and Diether Beuermann. IDB-9: Lending Instruments. Inter-American Development Bank, 2013. http://dx.doi.org/10.18235/0010525.

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The IDB-9 Agreement asks whether the financial instruments of the Inter-American Development Bank (IDB) are properly aligned with the needs of clients. Before the global financial crisis, the Bank's concern was with the competitiveness of IDB financing; as borrowers gained increased access to global capital markets, the price advantage that IDB had in terms of lower interest rates and higher maturities was often outweighed by the high transaction costs of borrowing from IDB. With the advent of the crisis, the dynamic changed: it was no longer a question of whether there was demand for IDB fund
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10

Papadopoulos, Yannis. Ethics Lost: The severance of the entrenched relationship between ethics and economics by contemporary neoclassical mainstream economics. Mέta | Centre for Postcapitalist Civilisation, 2021. http://dx.doi.org/10.55405/mwp1en.

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In this paper we examine the evolution of the relation between ethics and economics. Mainly after the financial crisis of 2008, many economists, scholars, and students felt the need to find answers that were not given by the dominant school of thought in economics. Some of these answers have been provided, since the birth of economics as an independent field, from ethics and moral philosophy. Nevertheless, since the mathematisation of economics and the departure from the field of political economy, which once held together economics, philosophy, history and political science, ethics and moral
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