Book contents
- Frontmatter
- Contents
- Figures
- Tables
- Preface to the Third Edition
- Preface to the Second Edition
- Preface to the First Edition
- Part I Conceptualissues
- 1 The Neoclassical Problem
- 2 Economic Property Rights
- 3 Transaction Costs
- 4 Information Costs
- 5 The Theory of Economic Property Rights
- Part II Contracts, Organizations, And Institutions
- 6 Exchange, Contracts, and Contract Choice
- 7 Divided Ownership and Organization
- 8 Institutions
- Part III Establishing Property Rights
- 9 Capture in the Public Domain
- 10 Forming Property Rights
- 11 Benefits of the Public Domain
- Part IV Non-Price Allocation And Other Issues
- 12 Nonwage Labor Markets
- 13 Property Rights in Non-market Allocations
- 14 Additional Property Rights Applications
- 15 The Property Rights Model
- References
- Index
- Political Economy of Institutions And Decisions
3 - Transaction Costs
Published online by Cambridge University Press: 17 August 2023
Book contents
- Frontmatter
- Contents
- Figures
- Tables
- Preface to the Third Edition
- Preface to the Second Edition
- Preface to the First Edition
- Part I Conceptualissues
- 1 The Neoclassical Problem
- 2 Economic Property Rights
- 3 Transaction Costs
- 4 Information Costs
- 5 The Theory of Economic Property Rights
- Part II Contracts, Organizations, And Institutions
- 6 Exchange, Contracts, and Contract Choice
- 7 Divided Ownership and Organization
- 8 Institutions
- Part III Establishing Property Rights
- 9 Capture in the Public Domain
- 10 Forming Property Rights
- 11 Benefits of the Public Domain
- Part IV Non-Price Allocation And Other Issues
- 12 Nonwage Labor Markets
- 13 Property Rights in Non-market Allocations
- 14 Additional Property Rights Applications
- 15 The Property Rights Model
- References
- Index
- Political Economy of Institutions And Decisions
Summary
Transaction costs are the costs of strengthening a given distribution of economic property rights. When these costs are positive, economic property rights are never perfect and the Coase Theorem does not hold. Furthermore, different distributions of these property rights lead to different levels of joint wealth.
- Type
- Chapter
- Information
- Economic Analysis of Property Rights , pp. 33 - 49Publisher: Cambridge University PressPrint publication year: 2023