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58 relations: Arne Nygaard, Asset specificity, Bid–ask spread, Bilateral monopoly, Bounded rationality, Chicken (game), Contract, Cost, Cost-minimization analysis, Diseconomies of scale, Douglass North, Economic anthropology, Economic growth, Economics, Efficiency, Enterprise resource planning, Financial transaction, Franchising, Game theory, Gift, Harold Demsetz, Herbert A. Simon, Institution, Institutional economics, Interaction cost, John R. Commons, List of business entities, List of national legal systems, Market (economics), Market impact cost, Market maker, Market microstructure, Michael Li, Monopoly, Monopsony, Neil Chriss, Neoclassical economics, New institutional economics, Nobel Memorial Prize in Economic Sciences, Oliver E. Williamson, Production function, Profit maximization, Property rights (economics), Robert Almgren, Robert Dahlstrom, Robinson Crusoe, Ronald Coase, Sales, Search cost, Steven N. S. Cheung, ..., Switching barriers, The Nature of the Firm, The New Palgrave Dictionary of Economics, The Problem of Social Cost, Theory of the firm, Trade, Transaction cost analysis, Widget (economics). Expand index (8 more) »
Arne Nygaard
Arne Nygaard (born 17 May 1957) is a Norwegian organizational theorist best known for his work with Robert Dahlstrom on transaction costs in franchising.
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Asset specificity
Asset specificity is a term related to the inter-party relationships of a transaction.
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Bid–ask spread
The bid–ask spread (also bid–offer or bid/ask and buy/sell in the case of a market maker), is the difference between the prices quoted (either by a single market maker or in a limit order book) for an immediate sale (offer) and an immediate purchase (bid) for stocks, futures contracts, options, or currency pairs.
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Bilateral monopoly
A bilateral monopoly is a market structure consisting of both a monopoly (a single seller) and a monopsony (a single buyer).
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Bounded rationality
Bounded rationality is the idea that when individuals make decisions, their rationality is limited by the tractability of the decision problem, the cognitive limitations of their minds, and the time available to make the decision.
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Chicken (game)
The game of chicken, also known as the hawk–dove game or snowdrift game, is a model of conflict for two players in game theory.
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Contract
A contract is a promise or set of promises that are legally enforceable and, if violated, allow the injured party access to legal remedies.
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Cost
In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore.
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Cost-minimization analysis
Cost-minimization is a tool used in pharmacoeconomics to compare the cost per course of treatment when alternative therapies have demonstrably equivalent clinical effectiveness.
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Diseconomies of scale
In microeconomics, diseconomies of scale are the cost disadvantages that firms and governments accrue due to increase in firm size or output, resulting in production of goods and services at increased per-unit costs.
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Douglass North
Douglass Cecil North (November 5, 1920 – November 23, 2015) was an American economist known for his work in economic history.
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Economic anthropology
Economic anthropology is a field that attempts to explain human economic behavior in its widest historic, geographic and cultural scope.
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Economic growth
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time.
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Economics
Economics is the social science that studies the production, distribution, and consumption of goods and services.
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Efficiency
Efficiency is the (often measurable) ability to avoid wasting materials, energy, efforts, money, and time in doing something or in producing a desired result.
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Enterprise resource planning
Enterprise resource planning (ERP) is the integrated management of core business processes, often in real-time and mediated by software and technology.
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Financial transaction
A financial transaction is an agreement, or communication, carried out between a buyer and a seller to exchange an asset for payment.
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Franchising
Franchising is based on a marketing concept which can be adopted by an organisation as a strategy for business expansion.
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Game theory
Game theory is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers".
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Gift
A gift or a present is an item given to someone without the expectation of payment or return.
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Harold Demsetz
Harold Demsetz (born May 31, 1930) is an American professor emeritus of economics at the University of California at Los Angeles (UCLA).
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Herbert A. Simon
Herbert Alexander Simon (June 15, 1916 – February 9, 2001) was an American economist and political scientist whose primary interest was decision-making within organizations and is best known for the theories of "bounded rationality" and "satisficing".
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Institution
Institutions are "stable, valued, recurring patterns of behavior".
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Institutional economics
Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behaviour.
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Interaction cost
Interaction cost are work, costs, and other expenses, sometime dues to complete a task or interaction.
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John R. Commons
John Rogers Commons (October 13, 1862 – May 11, 1945) was an American institutional economist, Georgist, progressive and labor historian at the University of Wisconsin–Madison.
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List of business entities
A business entity is an entity that is formed and administered as per corporate law in order to engage in business activities, charitable work, or other activities allowable.
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List of national legal systems
The contemporary legal systems of the world are generally based on one of four basic systems: civil law, common law, statutory law, religious law or combinations of these.
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Market (economics)
A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.
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Market impact cost
Market impact cost is a measure of market liquidity that reflects the cost faced by a trader of an index or security.
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Market maker
A market maker or liquidity provider is a company or an individual that quotes both a buy and a sell price in a financial instrument or commodity held in inventory, hoping to make a profit on the bid-offer spread, or turn. The U.S. Securities and Exchange Commission defines a "market maker" as a firm that stands ready to buy and sell stock on a regular and continuous basis at a publicly quoted price.
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Market microstructure
Market microstructure is a branch of finance concerned with the details of how exchange occurs in markets.
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Michael Li
Dr.
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Monopoly
A monopoly (from Greek μόνος mónos and πωλεῖν pōleîn) exists when a specific person or enterprise is the only supplier of a particular commodity.
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Monopsony
In economics, a monopsony (from Ancient Greek μόνος (mónos) "single" + ὀψωνία (opsōnía) "purchase") is a market structure in which only one buyer interacts with many would-be sellers of a particular product.
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Neil Chriss
Neil A. Chriss is a mathematician, academic, hedge fund manager, philanthropist and a founding board member of the charity organization "Math for America" which seeks to improve math education in the United States.
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Neoclassical economics
Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.
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New institutional economics
New institutional economics (NIE) is an economic perspective that attempts to extend economics by focusing on the social and legal norms and rules (which are institutions) that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics.
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Nobel Memorial Prize in Economic Sciences
The Nobel Memorial Prize in Economic Sciences (officially Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne, or the Swedish National Bank's Prize in Economic Sciences in Memory of Alfred Nobel), commonly referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics, and generally regarded as the most prestigious award for that field.
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Oliver E. Williamson
Oliver Eaton Williamson (born September 27, 1932) is an American economist, a professor at the University of California, Berkeley, and recipient of the 2009 Nobel Memorial Prize in Economic Sciences, which he shared with Elinor Ostrom.
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Production function
In economics, a production function relates quantities of physical output of a production process to quantities of physical inputs or production function refers as the expression of the technological relation between physical inputs and outputs of the goods.
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Profit maximization
In economics, profit maximization is the short run or long run process by which a firm may determine the price, input, and output levels that lead to the greatest profit.
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Property rights (economics)
Property rights are theoretical socially-enforced constructs in economics for determining how a resource or economic good is used and owned.
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Robert Almgren
Robert F. Almgren is a mathematician, academic and businessman focused on market microstructure and order execution.
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Robert Dahlstrom
Robert F. Dahlstrom (born c. 1958) is an American organizational theorist and Seibert Professor at Miami University, Department of Marketing.
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Robinson Crusoe
Robinson Crusoe is a novel by Daniel Defoe, first published on 25 April 1719.
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Ronald Coase
Ronald Harry Coase (29 December 1910 – 2 September 2013) was a British economist and author.
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Sales
Sales is activity related to selling or the amount of goods or services sold in a given time period.
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Search cost
Search costs are one facet of transaction costs or switching costs.
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Steven N. S. Cheung
Steven Ng-Sheong Cheung (born December 1, 1935) is a Hong-Kong-born American economist who specializes in the fields of transaction costs and property rights, following the approach of new institutional economics.
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Switching barriers
Switching barriers or switching costs are terms used in microeconomics, strategic management, and marketing to describe any impediment to a customer's changing of suppliers (customer switching).
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The Nature of the Firm
“The Nature of the Firm” (1937), is an article by Ronald Coase.
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The New Palgrave Dictionary of Economics
The New Palgrave Dictionary of Economics (2008), 2nd ed., is an eight-volume reference work on economics, edited by Steven N. Durlauf and Lawrence E. Blume and published by Palgrave Macmillan.
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The Problem of Social Cost
"The Problem of Social Cost" (1960) by Ronald Coase, then a faculty member at the University of Virginia, is an article dealing with the economic problem of externalities.
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Theory of the firm
The theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market.
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Trade
Trade involves the transfer of goods or services from one person or entity to another, often in exchange for money.
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Transaction cost analysis
Transaction cost analysis (TCA), as used by institutional investors, is defined by the Financial Times as "the study of trade prices to determine whether the trades were arranged at favourable prices – low prices for purchases and high prices for sales".
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Widget (economics)
The word widget is a placeholder name for an object or, more specifically, a mechanical or other manufactured device.
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References
[1] https://en.wikipedia.org/wiki/Transaction_cost
