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- W2091624678 abstract "While researches along the lines of Austrian, Buchanan, and Coase’s teachings are thriving recently, they are not united. We show that conceptions of entrepreneurship and transaction costs are generally ambiguous regarding important exchange relationships because they are limited to the consideration of one-sided individual choices only. It is argued in the paper that the completion of an exchange necessarily involves at least two individuals acting in the role of the entrepreneur. In addition, transaction costs are subjective and cannot be treated as production or transportation costs. The paper distinguishes the concept of production cost from that of transaction cost, which is necessarily associated with alternative exchange or organizational opportunities, and therefore expands Buchanan’s subjectivist conception of individual cost to that of interactive transaction cost. A new definition of transaction cost and its implications to a testable theory of the determination of institutions are presented in..." @default.
- W2091624678 created "2016-06-24" @default.
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- W2091624678 date "1993-11-01" @default.
- W2091624678 modified "2023-09-27" @default.
- W2091624678 title "ENTREPRENEURSHIP, TRANSACTION COSTS, AND SUBJECTIVIST ECONOMICS" @default.
- W2091624678 doi "https://doi.org/10.1142/s0218495893000099" @default.
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