Measuring Transaction Costs in Spatial Data Infrastructures ...
Measuring Transaction Costs in Spatial Data Infrastructures ...
Measuring Transaction Costs in Spatial Data Infrastructures ...
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<strong>Transaction</strong> Cost Theory<br />
Neoclassical Economics: completely ignores transaction<br />
costs.<br />
Institutional Economics: Coase (1937) first <strong>in</strong>troduced the<br />
concept of transaction costs; article „The Nature of the Firm“.<br />
Accord<strong>in</strong>g to Cheung (1992) the transaction cost exists when<br />
there are transactions.<br />
Every exchange of the product entails costs that result from both<br />
parties attempt<strong>in</strong>g to determ<strong>in</strong>e the valued characteristics of the<br />
good (North 1997).
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