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Transaction costs and institutions : investments in exchange

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Trew_TransactionCosts_BEJTE_2015.pdf (5.152Mb)
Date
01/07/2015
Author
Nolan , Charles
Trew, Alex William
Keywords
Exchange costs
Transaction costs
General equilibrium
Institutions
HB Economic Theory
BDC
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Abstract
This paper proposes a simple model for understanding transaction costs – their composition, size and policy implications. We distinguish between investments in institutions that facilitate exchange and the cost of conducting exchange itself. Institutional quality and market size are determined by the decisions of risk adverse agents and conditions are discussed under which the efficient allocation may be decentralized. We highlight a number of differences with models where transaction costs are exogenous, including the implications for taxation and measurement issues.
Citation
Nolan , C & Trew , A W 2015 , ' Transaction costs and institutions : investments in exchange ' , The B.E. Journal of Theoretical Economics , vol. 15 , no. 2 , pp. 391-432 . https://doi.org/10.1515/bejte-2013-0090
Publication
The B.E. Journal of Theoretical Economics
Status
Peer reviewed
DOI
https://doi.org/10.1515/bejte-2013-0090
ISSN
1935-1704
Type
Journal article
Rights
Copyright © 2015, Walter de Gruyter GmbH. This is the final published version of the work which was originally published at DOI: 10.1515/bejte-2013-0090
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  • University of St Andrews Research
URI
http://hdl.handle.net/10023/8722

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