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Transaction Behavior in Nonmarket Settings: Revisiting Transaction Cost Economics Theory
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- Authors
- Issue Date
- 2012
- Citation
- Korean Journal of Policy Studies, Vol.27 No.1, pp. 23-40
- Keywords
- transaction costs ; green tape ; red tape ; nonmarket settings ; transaction 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
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