Reduce Transaction Costs Research Articles

Назначение справедливых цен на основе смарт-контрактов (на примере музейной организации)

The article is devoted to the problem of ensuring fair pricing on the basis of smart contract technologies. Through the use of the Internet of Things, electronic payments and big data analysis, a more precise evaluation of consumption can be made based on measuring the time of various consumer actions. The method of research is the analysis of the decision-making process on the price, as well as the impact of modern digital technologies on it. The result of the study was the identification of the consequences of precise value in pricing and the pro-cess of concluding market agreements, including 1) the extension of the tariff payment model to the area of dis-crete sales of goods; 2) the consideration of consumers' actions as conditions of pricing and the subject of agreements; 3) inclusion of the transfer of information by consumers about themselves in the subject of ex-change; 4) reduction of transaction costs due to the automation of forced execution of contract terms. Conclu-sions are presented about the possibilities of comparing the value of goods by the time of their consumption in the sum of all human lives on the planet and the development of lean technologies for the use of limited resources for the maximum well-being of people in the world.

Research on value creation path of logistics platform under the background of digital ecosystem: Based on SEM and fsQCA methods

Digitalization and platform ecosystem have subverted the value creation mode between traditional logistics actors and brought new value additions. Few studies have been done to investigate the influencing factors prompting such value creation of digital platform ecological cooperation in the Chinese logistics industry. The study bridges the gap by using structural equation modeling and fuzzy-set qualitative comparative analysis methods to investigate data from 347 Chinese logistics firms cooperating under the logistics platform. Findings:(1) identification of customer value proposition, complementary cooperation, and multi-party interaction had an indirect influence on logistics service value realization. While transaction cost reduction and digital innovation had a direct influence. (2) Digital capabilities have a positive moderating effect on the relationship between transaction cost reduction and value realization. (3) Comparing the configurations of value realization and ～value realization, it is found that enterprises cannot create value if they only save costs without operation, and should improve digital capabilities to reduce transaction costs. At the same time, the identification of customer value proposition is the source of value creation.

Cluster approach to regional oil and fat subcomplex development

The article studies regional oil and fat subcomplex development in terms of the cluster approach application based on coordinating economic interests of sunflower seed producers, processing and marketing organizations under the condition of appropriate government support, as well as methodological, organizational, and information support by the relevant structures. On the basis of the production and economic indicators analysis it has been revealed that in the Saratov region sunflower production is quite effective, but the lack of interconnection between the oil and fat subcomplex subjects leads to uneven production volumes and highly varying profitability in the context of municipal districts of the region and lost profits formation at all stages of product movement. The author has developed a scheme of the regional oil and fat cluster subjects territorial location, represented by the areas of the cluster production core (with sunflower production volumes above the average regional level), production linking areas (with sunflower production volumes below the average regional level), as well as areas with developed infrastructure (with the presence of processing and storage facilities, and transportation hubs), allowing to establish an effective logistics system with mutually beneficial cooperation between regions. On the example of sunflower seed producers in the Saratov region clustering efficiency has been shown, which consists in production costs reduction as a result of transaction costs reduction and sales revenue growth due to the increase in the sunflower purchase price. The study results can be used in programs and proposals development to strengthen integration ties between the agro-industrial complex subjects.

Reducing transaction costs using intraday forecasts of limit order book slopes

AbstractMarket participants who need to trade a significant number of securities within a given period can face high transaction costs. In this paper, we document how improvements in intraday liquidity forecasts can help reduce total transaction costs. We compare various approaches for forecasting intraday transaction costs, including autoregressive and machine learning models, using comprehensive ultra‐high‐frequency limit order book data for a sample of NYSE stocks from 2002 to 2012. Our results indicate that improved liquidity forecasts can significantly decrease total transaction costs. Simple models capturing seasonality in market liquidity tend to outperform alternative models.

The Impact of Digital Currency Policies on International Trade and Investment

This paper examines the multifaceted impact of digital currencies on regulatory frameworks, cross-border transaction efficiency, and their integration into mainstream financial systems. Through an in-depth analysis of global policy landscapes, compliance challenges, market stability implications, and the burgeoning role of Central Bank Digital Currencies (CBDCs), we uncover the dynamics shaping the future of digital finance. Employing statistical analysis, econometric models, and case studies, we explore the reduction in transaction costs, increased speed and accessibility, and the security concerns associated with digital currencies. Furthermore, we analyze the trends in digital currency adoption and the potential for their integration with traditional financial systems. Our findings highlight the complex interplay between technological advancements and regulatory strategies, offering insights into the opportunities and challenges digital currencies present for the global economy.

The Impact of Digital Currency Policies on International Trade and Investment

This paper examines the multifaceted impact of digital currencies on regulatory frameworks, cross-border transaction efficiency, and their integration into mainstream financial systems. Through an in-depth analysis of global policy landscapes, compliance challenges, market stability implications, and the burgeoning role of Central Bank Digital Currencies (CBDCs), we uncover the dynamics shaping the future of digital finance. Employing statistical analysis, econometric models, and case studies, we explore the reduction in transaction costs, increased speed and accessibility, and the security concerns associated with digital currencies. Furthermore, we analyze the trends in digital currency adoption and the potential for their integration with traditional financial systems. Our findings highlight the complex interplay between technological advancements and regulatory strategies, offering insights into the opportunities and challenges digital currencies present for the global economy.

Impact of the Free Trade Zone policy on firm labour investment efficiency: evidence from China

ABSTRACT This study employs the staggered difference-in-differences (DID) method to examine the impact of the Free Trade Zone (FTZ) policy on firm labour investment efficiency. Utilizing data from Chinese A-listed companies between 2011 and 2021, we find a significant improvement in labour investment efficiency (LIE) attributable to FTZ. The underlying mechanism involves FTZ optimizing the business environment, reducing transaction costs and adjusting the composition of human capital. Moreover, the positive effects are more pronounced in labour-intensive and non-state-owned companies. FTZ restrains over-hiring and alleviates under-hiring, thereby enhancing LIE. The findings offer valuable insights for enhancing labour allocation through thoughtfully crafted public policies.

The effects of agricultural output market access interventions on agricultural, socio‐economic, food security, and nutrition outcomes in low‐ and middle‐income countries: A systematic review

AbstractBackgroundAn estimated two billion people do not have sufficient access to nutritious food, and nearly half are dependent on small‐scale and subsistence farming. Projections show that the global population is not on track to reach the Sustainable Development Goals. With this in mind, development actors are increasingly seeking to better integrate rural farmers into agricultural markets. This synthesis of the literature can help to inform policy decisions to improve outcomes for smallholder farmers in low‐ and middle‐income countries, and to enable the realization of the Sustainable Development Goals. This work is the most comprehensive and up‐to‐date review synthesizing evidence from 262 interventions.ObjectivesThe purpose of this systematic review is to appraise and synthesize evidence of the effects of five types of interventions facilitating farmers' access to output markets in low‐ and middle‐income countries. We examine how these effects vary across contexts and subgroups. We also identify evidence on program costs and evidence gaps in the literature.Search MethodsThe search of included studies was based on nine major databases/search engines and 25 institutional websites, using a set of English search terms. We also conducted forward and backward citation tracking of literature, published a public call for papers, and contacted key experts.Selection CriteriaWe included studies on the effects of five types of output market access interventions, focusing on participants residing in low‐ and middle‐income countries: (1) Farm‐to‐market transport infrastructure interventions; (2) Access to output market information interventions; (3) New marketplaces or alternative marketing opportunities interventions; (4) Contract farming interventions; (5) Improved storage infrastructure and technologies interventions. We included published and unpublished studies from 2000 onwards, with experimental and quasi‐experimental study designs focusing on relevant outcomes.Data Collection and AnalysisWe screened 52,366 studies, identifying a total of 439 papers representing 289 unique studies on the effects of 262 interventions in 53 countries. Data extraction and risk of bias assessments were completed by two independent reviewers.Main ResultsAll five types of output market access interventions resulted in small‐to‐moderate positive effects on almost all measures of market participation, agricultural production, and welfare outcomes. These improvements occurred through a reduction in transaction costs, adoption of improved practices, greater farm investment, access to higher prices for farmers, greater volume sold, and increased farm income. Effects vary by intervention type. However, the body of evidence is comprised of a large share of included studies with a high risk of bias. Few studies have information on the cost of interventions, and there are gaps in the available evidence.Authors' ConclusionsOutput market access interventions are effective in reducing transaction costs and addressing market failures, thereby leading to higher income levels. Evidence of effects on food security and nutrition is sparse and has not provided conclusive findings. We also found that multi‐component interventions are not necessarily more effective than single component interventions. The specific needs and dynamics of each context should inform the choice of the intervention and approach. Investments in additional research with low risk of selection bias and confounding effects will improve the evidence base, especially for outcomes that constitute gaps in the literature. For example, the effects on quality of agricultural products and group participation are under‐researched, and we did not find any included studies focusing on North Africa or the Middle East. Collecting and reporting information on interventions' cost‐effectiveness will help decision‐makers to prioritize limited resources.

Unlocking green potential: The digital government-driven revolution in corporate green innovation

This study leverages data of China's A-share listed companies spanning from 2010 to 2020, using the Internet Plus Government Services initiative as a quasi-natural experiment. By employing the difference-in-differences method, it empirically examines the empowering effects and underlying mechanisms of digital government on corporate green innovation. Research findings are as follows: 1) Digital government significantly enhances both the quantity and quality of corporate green innovation. 2) Corporate green innovation can be enhanced by digital government through promoting the digitization of the business environment, reducing transaction costs for enterprises, increasing R&D investment and green investments. 3) The enabling effects of digital government on corporate green innovation are particularly evident in companies with better environmental information disclosure, elevated levels of digital technology application, non-heavy-polluting industries, and enterprises located in regions with stricter environmental regulations. From the perspective of internalizing digital technology into government transformation, this study provides important insights for the future coordination of policies related to digital and green development.

Optimal scheduling and trading in joint electricity and carbon markets

The collaborative development of the electricity and carbon markets can reduce transaction costs, stimulate energy conservation and emission reductions, and accelerate the social transition to low carbon. In this paper, we present a comprehensive review of the current state and policy challenges of electricity-carbon trading and present an in-depth analysis of key research directions and technical details of electricity-carbon collaboration in the context of large-scale access to renewable energy. Then, by constructing a multi-agent behavioral decision-making model, we refine the decision-making mechanism of electricity-carbon synergy, simulated market clearing outcomes under different mechanisms, and proposed policies and incentive mechanisms to promote electricity-carbon trading. Furthermore, leveraging the massive data in energy systems, we design a carbon measurement method and carbon emission flow tracking method for low-carbon energy companies, achieving real-time carbon accounting for the power system. We establish a collaborative simulation model of the electricity and carbon markets, enabling an accurate prediction of the day-ahead carbon emission intensity. This study provides a new research framework and complete technical route for electricity-carbon coordination, which can further promote the low-carbon transformation of the energy system.

Blockchain Technology for Higher Education and Recruitment: A Systematic Literature Review

Blockchain is a recent technological innovation that has undergone significant growth with numerous business applications. One of the most promising applications of blockchain technology lies within the domains of higher education and recruitment. Despite its potential, academic literature on these topics remains limited. In this study, the researchers conducted a systematic literature review to unravel blockchain’s potential applications in higher education and recruitment. This paper identifies the current benefits and challenges of blockchain in these fields and delineates key steps in higher education and recruitment processes to determine blockchain practical applications. To analyze the potential benefits and challenges of blockchain for higher education and recruitment, we integrate the resource-based view (RBV) and transaction cost theory (TCT). The RBV is employed to underscore blockchain’s potential as a strategic resource that can provide competitive advantages in higher education, while the TCT is utilized to focus on its efficacy in reducing transaction costs related to recruitment. The study concludes by highlighting directions for future research, emphasizing the imperative for empirical investigations into real-world blockchain applications. It also encourages theoretical advancements to deepen our understanding of the impact of blockchain technology on higher education and recruitment

Research on the Application of Blockchain Technology and Smart Contracts in the Financial Industry

This article deeply explores the applications and impacts of blockchain technology and smart contracts in the financial industry. First, it outlines the basic principles and characteristics of blockchain technology and smart contracts, and then analyzes their application examples in various financial fields such as cross-border payments, supply chain finance, equity financing and securities issuance, and the insurance industry. The study found that blockchain technology and smart contracts bring significant changes and opportunities to the financial industry by improving transparency, reducing transaction costs, and enhancing security. However, the application of these technologies also faces challenges such as technological maturity, legal and regulatory perfection, and data privacy protection. This article aims to provide valuable references for practitioners, researchers, and policy makers in the financial industry to promote the widespread application and healthy development of blockchain technology and smart contracts in the financial industry.

To collaborate or not to collaborate: A transaction cost economics approach to construction contracts in public-private partnerships

Public-Private Partnerships (PPPs) are often seen as a cost-effective way of providing public infrastructure. However, mega-construction projects involve many hidden costs that arise during the project life cycle. These costs are known as transaction costs. This article investigates how a construction contract under a PPP can reduce transaction costs. Using Transaction Cost Economics (TCE), the article draws on empirical studies from six countries to identify four factors that affect transaction costs in construction contracts namely: (i) Concessionaire predictability, (ii) Contractor predictability, (iii) Project Management Efficiency, and (iv) Project Environment Uncertainty. Different types of construction contracts were comparatively analysed against the aforementioned four factors. The findings indicate that collaborative contracts are more likely to favourably address these four factors by lowering transaction costs compared to non-colloborative contracts. The article concludes that using collaborative contracts can make infrastructure PPPs more affordable than other public procurement methods.

Decoding Amazon’s innovation and partnerships in the Vendor Flex: meaningful alliances or imbalanced governance dynamics?

PurposeThis research delves into a comprehensive examination of Amazon’s Vendor Flex (VF) model, seeking to illuminate the intricacies of supply chain innovation through alliances between Amazon and its suppliers. Employing a multiple case study methodology, the study investigates the reduction of transaction costs, the establishment of strategic alliances for supply chain innovation and governance issues within these alliances.Design/methodology/approach A multiple case study methodology, incorporating personal interviews and triangulation with primary sources, was employed to unravel the dynamics of the VF model.Findings Results indicate that the VF model aligns with the reduction of transaction costs by leveraging Amazon’s specialized knowledge, although not necessarily through direct knowledge sharing. Amazon suppliers highlight competitive advantages gained through VF, showcasing efficient navigation of peak seasons and a focus on core activities with online retailing integration. The VF alliance represents a collaborative model where Amazon’s technological prowess enables a streamlined and innovative supply chain for online retailing, which resembles a vertical integration process.Originality/value This research underscores the potential of strategic alliances to drive innovation by incorporating industry-leading practices. The governance issues within the VF alliance reveal power imbalances, emphasizing the need for managers to govern dynamics, disclose information and build trust in large-scale alliances.

Impact of rural industrial integration on farmers' income: Evidence from agricultural counties in China

Rural industrial integration serves as an effective strategy to promote farmers' wealth, income, and overall rural revitalization. Drawing on the theories of national accounting and transaction costs, this study formulates a mechanism for how rural industrial integration increases farmers' income. It achieves this by increasing the value added of products, increasing short-term agricultural output, and reducing transaction costs. The research focuses on agricultural counties and districts in Liaoning and Shanxi provinces, and constructs a rural industrial integration index using the Herfindahl coefficient. The empirical analysis uses the PVAR model to test the relationship between the development of rural industrial integration and farmers' income. The results show that: the integration of primary and tertiary industries has a positive effect on the growth of farmers' income, while the integration of secondary and tertiary industries has only promoted the growth of farmers' income in Liaoning Province. Different integration models have different effects on the growth of farmers' income. Farmers' income significantly influences the development of rural industrial integration, but its effects vary across regions. Based on these findings, policy recommendations include tailoring strategies based on local resources and asset conditions, promoting vertical and horizontal integration of industrial chains, strengthening financial support, and encouraging the participation of new enterprises. The ultimate goal is to achieve comprehensive development of rural industries and increase farmers' incomes.

Central Bank Digital Currencies (CBDCs) and Financial Inclusion: Explore How CBDCs Can Promote Financial Inclusion for Unbanked or Underbanked Populations, Considering both Benefits and Challenges

Central Bank Digital Currencies (CBDCs) offer a promising solution to expand financial inclusion for the unbanked and underbanked populations globally. This paper explores the potential benefits of CBDCs in promoting financial access, including reduced transaction costs, increased accessibility in remote areas, and efficient government transfers. However, challenges like infrastructure limitations, privacy concerns, and regulatory frameworks need to be addressed for successful implementation. The paper examines ongoing pilot projects in Sweden and China, highlighting how these initiatives tailor CBDCs to specific national contexts. By overcoming these challenges and continuing research, CBDCs can become a powerful tool for financial inclusion, fostering economic empowerment and participation.

INSTITUTIONAL QUALITY AND ECONOMIC GROWTH

Growth and development require a framework of institutions which reduces transaction costs and thereby their effectiveness, and this will reduce the poverty problem in developing countries. The paper investigated the relationship between institutional quality and economic growth in 18 Asian developing countries from 2013 to 2020 using fixed effect model. The results revealed that sound money has a positive and significant impact on economic growth whereas size of government, legal systems and property rights, foreign trade internation, and regulations were statistically insignificant. To achieve the Sustainable Development Goals, the framework provided by the General Assembly of United Nations also given higher priority of institutional quality of the countries.

Architectural frameworks for financial transformation in Ukraine

In the modern world, the importance of digital currencies as a tool for financial transformation and economic development is growing, especially in Ukraine, where new ways to stimulate economic growth and increase financial inclusion are being sought. The purpose of this study was to explore architectural frameworks for financial transformation through the use of digital currencies in Ukraine. Using a combined methodological approach that included an analysis of scientific literature, empirical research, and a study of the experiences of other countries in the field of digital currencies, the study applied statistical methods of data processing and comparative analysis. The article shows the need to develop adaptive architectural frameworks for the successful implementation of digital currencies in the financial system of Ukraine. In particular, the advantages of digital currencies in reducing transaction costs and increasing the availability of financial services to the population are identified. However, certain challenges related to instability and an insufficient regulatory framework have also been identified. The article identifies the problem of regulatory instability and the benefits, such as reduced transaction costs and increased access to finance, associated with the integration of digital currencies in Ukraine. The article also explores potential scenarios for the adoption of digital currencies in the financial landscape of Ukraine. These results can serve as a basis for developing practical strategies and policies for the implementation of digital currencies in Ukraine. Understanding the specific benefits and challenges associated with this process will allow for the most informed decisions on the modernisation of the country’s financial system

How Digital Platforms Promote Roles of Nonprofit Human Service Organizations During the COVID-19 in China

ABSTRACT The COVID-19 pandemic compelled nonprofit human service organizations (NPHS) to rapidly adapt to heightened service demands while prioritizing the well-being of their staff and volunteers. Although digital platforms hold promise in facilitating NPHS adaptation, little is known about their impact during the crisis. How and through what pathways do digital platforms help NPHS adapt their service roles in times of crisis? Did digital platforms with different types of sponsorship vary in the way they affect NPHS’s roles? Our study, based on 94 interviews in China, reveals that digital platforms assisted NPHS through three pathways: reducing transaction costs in stakeholder engagement, mitigating information asymmetry in targeting service recipients, and promoting shared responsibility for volunteer participation. Different sponsorship types influenced these pathways: government-sponsored platforms enhanced legitimacy, business-sponsored platforms leveraged private resources, and nonprofit-sponsored platforms bolstered citizen trust. This research informs scholars and practitioners on understanding how NPHS remained agile and innovative while facing extraordinary external challenges.

The Impact of Blockchain Technology on Financial Markets and Its Future Trends: An Economic Perspective Based on Data Analysis

Based on the economic perspective of data analysis, this paper deeply discusses the impact of blockchain technology on the financial market and its future trend. By using econometrics, we systematically analyze how blockchain technology can change the operation mechanism of financial markets, improve transaction efficiency, reduce transaction costs, and enhance the security and transparency of financial markets. The study has found that the decentralized nature of blockchain technology can help to break down the barriers of the traditional financial market and promote the popularization and inclusiveness of financial services. At the same time, the automatic execution function of smart contracts simplifies the process of financial transactions and reduces the risk of human intervention and fraud. In addition, the blockchain technology has also enhanced the trust mechanism of the financial markets by improving the security and traceability of the data. In terms of econometric analysis, we use a large amount of financial data to empirically test the impact of blockchain technology on the performance of the financial market by building regression models, time series analysis and other methods. The results show that there is a significant positive correlation between the application of blockchain technology and financial market efficiency, liquidity and stability. Looking into the future, with the continuous innovation and improvement of blockchain technology, its application in the financial market will be more extensive and deeper. On the one hand, blockchain technology is expected to promote the further digitalization and intelligence of the financial market, and improve the convenience and personalization of financial services. On the other hand, blockchain technology will also promote the cross-border integration and innovation of the financial market, and inject new vitality into the global economic development.