Where do transactions come from?
a network design perspective on the theory of the firm
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Publication
2006 - Division of Research, Harvard Business School, Boston, Massachusetts
Language
English
Word Count
13,000 words, Guess
Page Count
52 pages
Identifiers
- Open LibraryOL57796047M
- OCLC Control Number70122953
Description
The goal in this paper is to explain the location of transactions (and contracts) in a larger system of production. We first characterize the system as a network of tasks and transfers. While transfers between agents are necessary and ubiquitous, the mundane transaction costs of standardizing, counting, valuing and paying for what is transferred make it impossible for all transfers to be transactions. We go on to argue that the modular structure of the network determines its pattern of mundane transaction costs, and thus establishes where cost-effective transactions can be located.
Subjects
Series Statement
- Working paper / Division of Research, Harvard Business School -- 06-051
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