Transaction costsTransaction costs
Faculty of Law
Government and Law
Springer :New York, 2015[*]2015
Encyclopedia of law and economics / Backhaus, Jürgen [edit.]
University of Antwerp
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).