Transaction cost theory

Abstract

The transaction cost theory can be considered as the basic theoretical framework that analyzes the relation between the service provider and the customer process; thus, the theory embeds and governs both sides of the process. Therefore, with reference to the efficiency aspect of the service, the transaction cost theory not only represents the link between those two processes but it also offers an explanation of why they have to be understood as a comprehensive process entity. In context of this research, the present chapter will mainly be based on the understanding of transaction cost theory proposed by Fließ (2001), whose seminal research approach seems to be the most expedient for the purpose of the line of argument here. Starting from these considerations, transaction cost theory will be related to the concept of scripts as well as to the service blueprint.