Communication Research: Transaction Cost Theory

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Transaction Cost Theory ¶

Different forms of economics organizations such as
- market
- hierarchical
- clans
are the result of transaction costs.
Transaction costs generally refers to costs involving other than manufacturing products. For example,
- gathering information
- evaluating alternative options
- negotiating
- contracting
- physical transactions of objects
These costs occur due to the complexity and uncertainty of economic system, which is a big argument against "rational choice" model of economic system.
Such statuses are consequences of unequal distribution of information between economic actors involved in the transaction.
Therefore, organizational forms are the result of managing uncertainties.

SA. Principal Agent Theory

Ebers, Mark, & Oerlemans, Leon. (2013). The Variety of Governance Structures Beyond Market and Hierarchy. Journal of Management. doi: 10.1177/0149206313506938
Cordella, Antonio. (2006). Transaction costs and information systems: does IT add up? Journal of Information Technology, 21(3), 195-202.
http://sprouts.aisnet.org/118/1/040206.pdf
Robins, James A. (1987). Organizational Economics: Notes on the Use of Transaction-Cost Theory in the Study of Organizations. Administrative science quarterly, 32(1).
Software Development Strategy: A Practical Application of Transaction Cost Economics

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