Abstract
Transaction costs is a generic term referring to the costs of transacting through the market (e.g., search, information, contract, monitoring costs). They are applied with different meanings to organizational structures (e.g., vertical integration), market failures (e.g., externalities), institutional choices (e.g., promotion of clubs), and public choice (e.g., administrative burden).
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Marneffe, W., Bielen, S., Vereeck, L. (2019). Transaction Costs. In: Marciano, A., Ramello, G.B. (eds) Encyclopedia of Law and Economics. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7753-2_484
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DOI: https://doi.org/10.1007/978-1-4614-7753-2_484
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