Is a Transaction a Transaction?

Ramstad, Yngve

doi:10.1080/00213624.1996.11505805

Cited by 44 publications

(14 citation statements)

References 11 publications

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“…Defining the transaction is not straightforward. Ramstad [1996] points out that J. R. Commons said that a transaction is a transfer of property rights, while O. Williamson said that a transaction is a transfer of a good or service across a technologically separable interface. One can relate the former to water rights and the latter to water.…”

Section: Framework For Transaction Cost Measurementmentioning

confidence: 99%

A framework for estimating the transaction costs of alternative mechanisms for water exchange and allocation

McCann

Easter

2004

Water Resources Research

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[1] Alternative mechanisms for water transfers will differ in the types of transaction costs incurred as well as their magnitudes and incidence. This article presents a framework for including transaction costs as well as transfer costs in the evaluation of alternative mechanisms. The work on measurement of transaction costs associated with water markets has underestimated these costs by only focusing on the costs incurred once a market exists. The framework presented here also includes the costs associated with the development of a market mechanism. Once the appropriate framework has been developed, there are a number of measurement issues involved with incorporating transaction costs in the overall assessment of the efficiency of water allocation mechanisms. While the costs involved with the final transaction are relatively easy to measure, those involved with the initial information gathering, policy enactment, and design and implementation of a formal market mechanism are rarely documented. Similarly, it is much easier to measure transaction costs after the policy is implemented; however, it is necessary to predict costs to inform decision-making and improve policy design.

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Section: Framework For Transaction Cost Measurementmentioning

confidence: 99%

A framework for estimating the transaction costs of alternative mechanisms for water exchange and allocation

McCann

Easter

2004

Water Resources Research

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“…Williamson and closer to the definition of Commons upon which Williamson bases his own definition (Ramstad, 1996). Esty (2004, p. 142) concedes that "because Williamson's analysis centers on corporate organization, his transaction cost-based categorization of institutional structures requires some translation to make sense in the environmental realm.…”

Section: Such a Definition Is More Inclusive Than The Definition Of Cmentioning

confidence: 99%

The ‘make or buy’ decision in private environmental transactions

Bougherara¹,

Grolleau

Mzoughi

2008

Eur J Law Econ

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Abstract:A theoretical framework combining the two branches of TCE, i.e., the governance branch and the measurement branch (Barzel, 2005) may explain the choice of the governance structure for private environmental transactions. Four case studies, i.e., the market for pure air in polluted cities, the contractual arrangement between La Esperanza and the Monteverde Conservation League, the case of the French mineral water bottler Vittel and the case of landownership by land trusts are briefly developed in order to support the theoretical framework. Special attention is devoted to the presence (or not) of a 3-D (defined, defended and divestible) property rights system and its influence on the way environmental property rights are likely (or not) to be rearranged. Lessons and policy implications are drawn in order to foster research on these challenging issues.

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“…As compared with the hierarchy, the hybrid sacrifices cooperativeness in favor of greater incentive intensity" (ibid., p. 107). As Ramstad (1996) points out, Williamson concentrates on the governance structure implications for transactions costs and on the contracting problems that will be encountered in achieving transaction cost economizing. His theory is centered first, on governance of various types ofbargaining transaction via the market (price mediated transactions) and relational contracting (transactions mediated by means of a negotiated procedure) and, second, on the conversion of bargaining transactions into managerial transactions (intra-fmn, command-mediated transactions) (Ramstad, 1996, p. 2).…”

Section: From a Practical Point Of View It Is Essential To Determine mentioning

confidence: 99%

“…Nonetheless, as Rutherford (1995) observes, he adopts the neoclassical practice of assuming behavior is intentionally rational and hence retains its maximizing orientation. Ramstad (1996) or the purchase of a doctor's services. A particular color, style or gasoline mileage of the car, in the first case, or the particular skills of the doctor and office waiting time, in the second case, are all different valued attributes by the buyer.…”

Section: What Are 'Institutions'?mentioning

confidence: 99%

“…For the NIE critics, this body of knowledge differs from OlE in regard to both the epistemology (Ramstad, 1996;Dugger 1990Dugger , 1996 and methodology (Dugger, 1990;Rutherford, 1995;Collard, 1995;Pratten, 1997) applied when analyzing institutions. For the NIE school, "the OlE may be presented as descriptive, holistic and behaviorist and the NIE as formalist and reductionist.…”

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confidence: 99%

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New institutional economics (NIE): a possible theoretical foundation for the Multilateral Agreement on Investment (MAI)?

Preda¹

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The Multilateral Agreement on Investment (MAl) represented an attempt by the Organisation for Economic Cooperation and Development's (OECD) member countries to create a comprehensive multilateral legal framework governing foreign investment, particularly foreign direct investment. After a three-year effort, negotiations for the MAl collapsed in December 1998. Considerable support remains however, for creating global rules on foreign investment.The issues of possible loss of nation states' sovereignty in favour of the Transnational Corporations (TNCs) and the possible loss of developing states' sovereignty and flexibility in drawing their own development agenda as a result of the MAl's implementation are at the heart of the debates over the MAL The New Institutional Economics (NIE) represents an influential body of economic theory that tries to incorporate the study of institutions into mainstream neoclassical economics and to investigate the implications for economic development and reform. The development of NIE from a theory of firm and contracts (Williamson, 1996) to a theory of global development and reform (North, 1990a) extends the neoclassical orthodoxy and brings relevant theoretical insights for, the logic behind and the implications deriving from, the MAl. The theoretical underpinnings provided by NIE to international agreements, such as the MAl, have been generally neglected.This thesis argues that the NIE is a possible theoretical foundation for the MAL This is argued by looking at the commonalties in terms ofNIE's and the MAl's development and policy implications and by analyzing NIE's contribution to the official discourse on development and reform. First, this thesis argues that the MAl and NIE did not develop in a vacuum. They developed as social and intellectual reactions for dealing with significant changes in the world 11 economy, particularly the increasing importance ofTNCs and ofFDl within the context of persistent disparities between countries' levels of economic development. Second, this thesis argues that the MAl's logic and policy implications directly relate to NIE's recommendation for development and reform. Third, this thesis argues that NIE has helped redesign the official discourse on development and reform with FDl and global rules on investment gaining an increasing developmental role.This thesis contributes to the existing body of literature on the MAl and NIE in a number of ways. The contribution of this thesis to the MAl literature is in its insistence of (i) the need for clearer identification of the theoretical logic behind the MAl or future similar agreements; (ii) the relevance of any such agreement for developing countries; (iii) the need to oppose any such agreement not only by arguing that the outcomes will be undesirable but also that the underlying theory -in this case the NIE-is also flawed; and finally (iv)

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Is a Transaction a Transaction?

Cited by 44 publications

References 11 publications

A framework for estimating the transaction costs of alternative mechanisms for water exchange and allocation

A framework for estimating the transaction costs of alternative mechanisms for water exchange and allocation

The ‘make or buy’ decision in private environmental transactions

New institutional economics (NIE): a possible theoretical foundation for the Multilateral Agreement on Investment (MAI)?

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