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Transaction Behavior in Nonmarket Settings: Revisiting Transaction Cost Economics Theory

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Authors
Seo, JungWook; Ryu, Seeun
Issue Date
2012
Publisher
Graduate School of Public Administration, Seoul National University
Citation
Korean Journal of Policy Studies, Vol.27 No.1, pp. 23-40
Keywords
transaction costsgreen tapered tapenonmarket settingstransaction behavior
Abstract
This study focuses on changes in transaction costs over time in nonmarket
settings. Traditional Williamsonian transaction cost economics theory
shows little concern with time. However, this study reveals that time is a crucial
factor in the fluctuation of transaction costs in nonmarket settings: Transaction
costs increase in the initial and middle phases of a transaction. But in the long
term, they may increase or decrease and are affected considerably by whether
the rules, procedures, and protocols governing the transaction are effective
(“green tape”) or ineffective (“red tape”). In contrast, traditional transaction cost
economics assumes a gradual decrease in transaction costs over time. The
passage of time and the “red tape” or “green tape” governing the transaction
influence stakeholders’ transaction behavior in nonmarket settings.
ISSN
1225-5017
Language
English
URI
http://hdl.handle.net/10371/77255
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Graduate School of Public Administration (행정대학원)Dept. of Public Administration (행정학과)Korean Journal of Policy Studies (정책논총)Korean Journal of Policy Studies (정책논총) vol.27 no.1/3 (2012)
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