Encyclopedia of Law and Economics

2019 Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Transaction Costs

  • Wim MarneffeEmail author
  • Samantha Bielen
  • Lode Vereeck
Reference work entry
DOI: https://doi.org/10.1007/978-1-4614-7753-2_484

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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Copyright information

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

Authors and Affiliations

  1. 1.Faculty of Applied EconomicsHasselt UniversityDiepenbeekBelgium