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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 Christoph Weiss, Thomas Heckelei and Paolo Sckokai

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