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Encyclopedia of Law and Economics pp 2084–2089Cite as

Transaction Costs

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Abstract

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).

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Author information

Authors and Affiliations

  1. Faculty of Applied Economics, Hasselt University, Diepenbeek, Belgium

    Wim Marneffe, Samantha Bielen & Lode Vereeck

Authors
  1. Wim Marneffe
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  2. Samantha Bielen
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  3. Lode Vereeck
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Corresponding author

Correspondence to Wim Marneffe .

Editor information

Editors and Affiliations

  1. MRE and University of Montpellier, Montpellier, France

    Alain Marciano

  2. Faculté d’Economie, Université de Montpellier and LAMETA-UMR CNRS, Montpellier, France

    Alain Marciano

  3. DiGSPES, University of Eastern Piedmont, Alessandria, Italy

    Giovanni Battista Ramello

  4. IEL, Torino, Italy

    Giovanni Battista Ramello

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© 2019 Springer Science+Business Media, LLC, part of Springer Nature

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Marneffe, W., Bielen, S., Vereeck, L. (2019). Transaction Costs. In: Marciano, A., Ramello, G.B. (eds) Encyclopedia of Law and Economics. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7753-2_484

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