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Transaction costs and the nature of information

Journal of Economics and Business - SPOUDAI

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Title Transaction costs and the nature of information
Transaction costs and the nature of information
 
Creator Ψυλλάκη, Μαρία
Mondello, Gerard
 
Subject Θεωρία των πληροφοριών
Information theory in economics; Transaction costs
 
Description In this paper we suggest a framework to interpret the transaction costs concept. We consider
transaction costs as the resource losses due to imperfect information. We relate the concept of
transaction costs to the nature of information. According to the information set it belongs to,
an information may be redundant or complementary. As a consequence, transaction costs will
be different. We have applied this notion of transaction costs to the credit market taking into
account the nature of information. We consider a large population of borrowers and lenders
who, matching randomly, may or may not incur information costs. These costs may have a
positive effect on the probability of success of the project. We emphasize that upon the nature
of information, the lenders as the borrowers may behave strategically in order to minimize the
transaction cost losses.
 
Publisher University of Piraeus
 
Date 2001-01-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
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Format application/pdf
 
Identifier http://spoudai.unipi.gr/index.php/spoudai/article/view/1131
 
Source SPOUDAI - Journal of Economics and Business; Vol 51, No 1-2 (2001); 40-64
2241-424X
1105-8919
 
Language eng
 
Relation http://spoudai.unipi.gr/index.php/spoudai/article/view/1131/1210
 
Rights Copyright (c) 2001 SPOUDAI - Journal of Economics and Business