Transaction Costs, Production Costs, and the Passage of Time

No abstract available.

The Secret Life of Mundane Transaction Costs

Transaction costs, one often hears, are the economic equivalent of friction in physical systems. Like physicists, economists can sometimes neglect friction in formulating theories; but like engineers, they can never neglect friction in studying how the system actually does let alone should work. Interestingly, however, the present-day economics of organization also ignores friction. That is, almost single-mindedly, the literature analyzes transactions from the point of view of misaligned incentives and (especially) transaction-specific assets. The costs involved are certainly costs of running the economic system in some sense, but they are not obviously frictions. Stories about frictions in trade are not nearly as intriguing as stories about guileful trading partners and expensive assets placed at risk. But I will argue that these seemingly dull categories of cost what Baldwin and Clark (2003) call mundane transaction costs actually have a secret life. They are at least as important as, and quite probably far more important than, the more glamorous costs of asset specificity in explaining the partition between firm and market. These costs also have a secret life in another sense: they have a secret life cycle. I will argue that these mundane transaction costs provide much better material for helping us understanding how the boundaries among firms, markets, and hybrid forms change over time.

Risk, Transaction Costs, and Tax Assignment: Government Finance in the Ottoman Empire

Risk and transaction costs often provide competing explanations of institutional outcomes. In this paper we argue that they offer opposing predictions regarding the assignment of fixed and variable taxes in a multi-tiered governmental structure. While the central government can pool regional risks from variable taxes, local governments can measure variable tax bases more accurately. Evidence on tax assignment from the mid-sixteenth century Ottoman Empire supports the transaction cost explanation, suggesting that risk matters less because insurance can be obtained in a variety of ways.

Measuring the costs of FTA utilization : evidence from transaction-level import data of Thailand

In this study, we measure the utilization costs of free trade agreement (FTA) tariff schemes. To do that, we use shipment-level customs data on Thai imports, which identify not only firms, source country, and commodity but also tariff schemes. We propose several measures as a proxy for FTA utilization costs. The example includes the minimum amount of firm-level savings on tariff payments, i.e., trade values under FTA schemes multiplied by the tariff margin, in all transactions. Consequently, the median costs for FTA utilization in 2008, for example, are estimated to be approximately US$2,000 for exports from China, US$300 for exports from Australia, and US$1,000 for exports from Japan. We also found that FTA utilization costs differ by rule of origin and industry.

CumuloNimbo: A highly-scalable transaction processing platform as a service.

One of the main challenges facing next generation Cloud platform services is the need to simultaneously achieve ease of programming, consistency, and high scalability. Big Data applications have so far focused on batch processing. The next step for Big Data is to move to the online world. This shift will raise the requirements for transactional guarantees. CumuloNimbo is a new EC-funded project led by Universidad Politécnica de Madrid (UPM) that addresses these issues via a highly scalable multi-tier transactional platform as a service (PaaS) that bridges the gap between OLTP and Big Data applications.

Seven challenges for RESTful transaction models

The REpresentational State Transfer (REST) architectural style describes the design principles that made the World Wide Web scalable and the same principles can be applied in enterprise context to do loosely coupled and scalable application integration. In recent years, RESTful services are gaining traction in the industry and are commonly used as a simpler alternative to SOAP Web Services. However, one of the main drawbacks of RESTful services is the lack of standard mechanisms to support advanced quality-ofservice requirements that are common to enterprises. Transaction processing is one of the essential features of enterprise information systems and several transaction models have been proposed in the past years to fulfill the gap of transaction processing in RESTful services. The goal of this paper is to analyze the state-of-the-art RESTful transaction models and identify the current challenges.

Tracing an American Yoga: Identity and Cross-Cultural Transaction

This dissertation looks at the creative identity of an American yoga, both rooted in its Indic origins and radically transformed in its U.S. manifestations. It traces the broad historical transactions of yoga in terms of East and West, Secular and Religious, authenticity and idealized conception, as well as provides a critical historical genealogy of Anusara and Sridaiva yoga. Furthermore, the project relates yoga to the identity, power, and knowledge dynamics of pre-modern, modern, and postmodern histories and interpretations of yoga and Tantra, multiple theoretical discourses, and the embodied practices of individuals within Indian and American contexts. I argue that there is a unique and polysemous yogic identity in America, and that this identity has developed from a messy process of transaction between Indian and Western modes of being and knowing. Furthermore, the current Americanized culture of yoga brings along with it narratives of specific value. American yoga displays a particularly consumptive quality of yogic lifestyle that reflects a cultural atmosphere of reinvention and a merging of profit and personal purpose. American yoga’s identity today is entrepreneurial, branded, business oriented, and marketed for consumption. This dissertation shows how the American yogic identity is in flux, continuously fracturing and multiplying into various and novel understandings that relate to yoga’s past and to the market value for today’s American consumer. It examines the moving nature of yoga in the American landscape as what Jared Farmer calls a “center of creativity” and as a display of excess and choice. The discussion of yoga is further located in John Friend’s styles of yoga and/or lifestyle practices, Anusara and Sridaiva, as they both redefine and further remove yoga from established Indian markers of identity. My locations as American yogi, as comparativist, as ethnographer, and as a Bachelor of Science in Advertising and Marketing also situate this analysis.

Transaction Banking: Respecting its role in the real economy. ECRI Policy Brief No. 6, 6 December 2013

This paper sketches the main features and issues related to recent market developments in global transaction banking (GTB), particularly in trade finance, cash management and correspondent banking. It describes the basic functioning of the GTB, its interaction with global financial markets and related implications of global regulatory developments such as Basel III. The interest in GTB has recently increased, since its low-risk profile, tendency to follow growth rates worldwide and relative independence from other financial instruments became an interesting diversification opportunity both for banks’ business models and for investors. Transaction banking has been a resilient business during the crisis, despite the reduction in world trade figures. In the post crisis period, GTB must cope with new challenges related to increased local and global regulation and the risk of inconsistency in regulatory approaches, which could negatively impact the global network and increased competition by new market entrants. Increased sophistication of corporate clients, as well as the pressure to develop and adopt technological innovations more quickly than other areas of banking continues to impact the business. The future of the industry closely depends on its ability to adjust to complex regulatory developments while at the same time being able to operate a global and efficient network.

Financial Transaction Tax (FTT): Why the EU needs the FTT but the FTT does not need the EU. EPC Policy Brief, 17 June 2014

Through an Enhanced Cooperation Procedure (ECP) 11 eurozone countries (ECP-11) – among them the four biggest; Germany, France, Italy and Spain – have aspired to go ahead with the introduction of a Financial Transaction Tax (EU-FTT). Apart from generating substantial revenues for tight fiscal budgets, an EU-FTT could also contribute to the reduction of transactions, which are harmful for the efficient functioning of financial markets and the real economy. However, the willingness to go forward with the finalisation of an ambitious proposal has lost some momentum recently; some of the envisaged compromises may even threaten the viability of the whole project.

The Role of Environmental and Land Transaction Regulations on Agricultural Land Price: The example of Brittany. Factor Markets Working Document No. 52, June 2013

Using data from individual transactions for the period 1994-2010 in the French NUTS2 region Brittany, the authors investigated how environmental regulations and transaction land regulations influence the price of sold plots. Regressions on three sub-samples of buyers were performed in order to assess whether different buyers have different attitudes or plans regarding the farmland purchased: a sub-sample including only farmer-buyers, a sub-sample including non-farmer individual buyers, and a sub-sample including non-farmer non-individual buyers. Estimations were performed ignoring and accounting for spatial interactions (model SARAR). Results indicate that the price of land decreases when buyers are farmers, that the nitrate surplus area zoning increases the price of land, even more so for farmer-buyers. Regarding land transaction regulations, there is a negative effect, on land price, of the purchaser being the current tenant or being the land regulating public body SAFER. Estimating the model on different sub-samples depending on the buyers’ type shed light on the factors that are more important for each buyer.

Transaction /

Title from cover.

Transaction /

Description based on: No. 71 (Apr. 19, 1906).

A transaction in stocks, a comedy in one act ...

Mode of access: Internet.

The chronology of the eighteenth and nineteenth centuries : comprehending every important transaction, from the year 1700, to the close of the year 1825 /

Spine title: Boyle's chronology 1700-1825.