Although the theory of transaction costs has long been fruitfully used in analysis economy, some its aspects still have an ambiguous understanding among researchers. The purpose article is to analyze such alternative interpretations. It shown that include mainly accounting components, and cases also subjective estimates opportunity costs. Based on literature, erroneous interpretation as unprodu...

In a world with private information and learning on the part of the market participants, the (positive) difference between the observed transaction price of an asset and the corresponding unobserved full-information price (the price that reflects private and public information about the asset) represents an ideal measure of market quality. We call this difference “full-information transaction c...