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In economics, a transaction cost is a cost incurred when making an economic trade when participating in a market. [1]The idea that transactions form the basis of economic thinking was introduced by the institutional economist John R. Commons in 1931.
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". [1] It is often split into two parts – pre-trade and post-trade.
Transactionalism: An Historical and Interpretive Study, was written in 1966 by philosopher Trevor J. Phillips (1927–2016) and first published in December 2013. At the time of its publication, it was the first, most comprehensive account of the origins and evolution of the modern historical, philosophical, psychological, and educational philosophy known as transactionalism.
The First World War period saw a change of emphasis in economic theory away from industry-level analysis which mainly included analyzing markets to analysis at the level of the firm, as it became increasingly clear that perfect competition was no longer an adequate model of how firms behaved. Economic theory until then had focused on trying to ...
In 1976, the Little Professor cost less than $20. More than 1 million units sold in 1977. [9] The second generation Little Professor was designed by Mark Bailey, now a full life-sized professor, whilst working for Raffo and Pape, an award-winning toy design consultancy based in the UK. In a brief interview in 2013 Bailey stated 'I've designed ...
Oliver Eaton Williamson (September 27, 1932 – May 21, 2020) was 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.
Contract theory in economics began with 1991 Nobel Laureate Ronald H. Coase's 1937 article "The Nature of the Firm". Coase notes that "the longer the duration of a contract regarding the supply of goods or services due to the difficulty of forecasting, then the less likely and less appropriate it is for the buyer to specify what the other party should do."
Information economics is a branch of microeconomic theory that studies how information and information systems affect an economy and economic decisions. Information has special characteristics. It is easy to create but hard to trust. It is easy to spread but hard to control. It influences many decisions.