منابع مشابه
Legal Analysis of bank in the Iranian commercial market based on the theory of transaction costs
Understanding the necessity of establishing a bank in Iran requires a correct realizing of the mechanism of the money market in an era in which banks had no place or position. At that time distrusting on the borrower credits, lack of reliable information about the number and place of lenders, rising interest rates and the prevalence of high- interest borrowing were some of the costs that transa...
متن کاملTransaction Costs and the Performance
Tradeable-permit systems are at the center of current interest and activity in market-based reforms of environmental policy, because these systems can offer significant advantages over conventional approaches to pollution control. Unfortunately, claims made for their relative costeffectiveness have often been exaggerated. Transaction costs, which are ubiquitous in these markets, reduce trading ...
متن کاملThe Problem of Transaction Costs
Mechanism design provides a general paradigm for deriving legal rules and institutions that implement social objectives as equilibrium outcomes of interactions among strategic individuals with private information and endogenous transaction costs. This paper designs mechanisms that generalize Ronald Coase’s farmer-rancher example of nuisance law from his seminal article, “The Problem of Social C...
متن کاملTransaction Costs in Financial Models
Standard models for nancial markets are based on the simplifying assumption that trading orders can be given and executed in continuous time with no friction. This assumption is clearly a strong idealization of the reality. In particular, securities should not be described by a single price but by a bid and ask curve. As a rst approximation, one may assume that the bid and ask prices do not d...
متن کاملThe Symmetry Assumption in Transaction Costs Approach
Coase raised fundamental questions on the firm nature and market solution for social conflicts. However, confusion was around the symmetric intonation of transaction costs, the ill-formulated Coase Theorem, and the false analogy in physics. Fundamental issues in the transaction costs approach can be elaborated by the symmetry assumption in equilibrium economics and symmetry breaking in evolutio...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2011
ISSN: 1556-5068
DOI: 10.2139/ssrn.1976291