The Perception and Measurement of Transaction Costs

Peter J. Buckley and Malcolm Chapman

Chapter 3 in International Business, 1998, pp 57-86 from Palgrave Macmillan

Abstract: Abstract The chapter discusses various explanations of how transaction cost-minimising corporate configurations come about. It contrasts Darwinian with rational explanations, finding both unsatisfactory. What matters, rather than computation of fully recognised transaction costs, are managerial perceptions of transaction costs. These perceptions are not expressed in numbers, but in language. This is related to arguments derived from bounded rationality and from transaction cost economics. The chapter argues that issues of managerial perception must become central to analysis. Existing academic traditions which accord primacy to perception and to language are drawn upon, and argued to be of great relevance to future work.

Keywords: Transaction Cost; International Business; Social Anthropology; Transaction Cost Economic; Language Constraint (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-26416-2_3

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DOI: 10.1007/978-1-349-26416-2_3

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