Transaction Costs: Economies of Scale, Optimum, Equilibrium and Efficiency

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Tác giả: László Kállay, Tibor Takács, László Trautmann

Ngôn ngữ: eng

Ký hiệu phân loại: 026.33 Libraries, archives, information centers devoted to specific subjects and disciplines

Thông tin xuất bản: 2020

Mô tả vật lý:

Bộ sưu tập: Metadata

ID: 165073

Comment: 22 pages, 3 figuresThe aim of this article is to propose a core game theory model of transaction costs wherein it is indicated how direct costs determine the probability of loss and subsequent transaction costs. The existence of optimum is proven, and the way in which exposure influences the location of the optimum is demonstrated. The decisions are described as a two-player game and it is discussed how the transaction cost sharing rule determines whether the optimum point of transaction costs is the same as the equilibrium of the game. A game modelling dispute between actors regarding changing the share of transaction costs to be paid by each party is also presented. Requirements of efficient transaction cost sharing rules are defined, and it is posited that a solution exists which is not unique. Policy conclusions are also devised based on principles of design of institutions to influence the nature of transaction costs.
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