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dc.contributor.authorNolan , Charles
dc.contributor.authorTrew, Alex William
dc.identifier.citationNolan , 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 .
dc.identifier.otherPURE: 229860646
dc.identifier.otherPURE UUID: ac4932b5-f494-48dc-9ccc-19190db6b562
dc.identifier.otherScopus: 84930724597
dc.identifier.otherWOS: 000355634400010
dc.description.abstractThis 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.
dc.relation.ispartofThe B.E. Journal of Theoretical Economicsen
dc.rightsCopyright © 2015, Walter de Gruyter GmbH. This is the final published version of the work which was originally published at DOI: 10.1515/bejte-2013-0090en
dc.subjectExchange costsen
dc.subjectTransaction costsen
dc.subjectGeneral equilibriumen
dc.subjectHB Economic Theoryen
dc.titleTransaction costs and institutions : investments in exchangeen
dc.typeJournal articleen
dc.description.versionPublisher PDFen
dc.contributor.institutionUniversity of St Andrews.School of Economics and Financeen
dc.description.statusPeer revieweden

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