The economics of transaction costs
theory, methods, and applications
|Subject||BUSINESS & ECONOMICS -- Economics -- Microeconomics. -- bisacsh
Contracts -- Economic aspects.
Contracts -- Economic aspects. -- fast -- (OCoLC)fst00876978
Costs, Industrial. -- fast -- (OCoLC)fst00880748
Transaction costs. -- fast -- (OCoLC)fst01154507
In modern economies a substantial proportion of resources is increasingly allocated to transaction costs. An improvement in the definition of transaction costs to include both the information role and efficiency role requires an integration of the approaches of positive economics and normative economics. In The Economics of Transaction Costs P.K. Rao provides a comprehensive analytical treatment of the subject and suggests a few directions for formal economic models.