A Risk Programming Approach for Analysing Contractual Choice in the Presence of Transaction Costs

Andrew Dorward

European Review of Agricultural Economics, 1999, vol. 26, issue 4, 479-92

Abstract: A simple conceptual approach is developed that relates choice of utility-maximising contractual arrangements to transaction costs, transformation costs and risk associated with different arrangements. The approach provides a technique for incorporating transaction costs into risk programming models. A simple illustrative target MOTAD model is presented using hypothetical data, and changes in preferred contractual forms are examined as risk preferences, transaction costs and risks are varied. Copyright 1999 by Oxford University Press.

Date: 1999
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European Review of Agricultural Economics is currently edited by Timothy Richards, Salvatore Di Falco, Céline Nauges and Vincenzina Caputo

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