The theory of transactional costs — A contribution to the theory of enterprise efficiency

Abstract

The authors give a critical review and the analysis of possible implementation of Williamson's transaction cost theory. In the first part, they consider the characteristics of participants' behavior in transactions, notion of transaction, transactional costs and the warranty of contractual regulation. The main part of the work includes the dimensional analysis: uncertainty, role of fixed mobility factors and input specialties. Then, considering the so-called problem of “fundamental transformation” of input, frequency of transaction and coordination of transactional relationships follows. The concluding part of the work deals with the estimate of accomplishments, importance and possibility of transactional costs.