Transaction innovation and the role of the firm

Research output: Chapter in Book/Report/Conference proceedingChapter

8 Scopus citations

Abstract

Advances in computers and telecommunications and the development of the Internet have been applied to develop new transaction technologies that lower transaction costs. By lowering transaction costs, these changes in transaction technology make possible transaction innovation, that is, the development of new types of market transactions. Transaction innovation changes not only business methods and organizational design, but the content of transactions and the way that markets are organized. I consider the impact of transaction innovation on the role of the firm in various economic activities including market clearing, auction design, price adjustment, quality certification, and agency.

Original languageEnglish (US)
Title of host publicationThe Economics of the Internet and E-commerce
Pages159-189
Number of pages31
StatePublished - Dec 1 2002

Publication series

NameAdvances in Applied Microeconomics
Volume11
ISSN (Print)0278-0984

ASJC Scopus subject areas

  • Economics, Econometrics and Finance (miscellaneous)

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