The Answer Is Transaction Costs cover image

From Law to Legislation: A Natural Process

The Answer Is Transaction Costs

NOTE

Understanding Transaction Costs: The Triad of Triangulation, Transfer, and Trust

Transactional costs can be categorized into three distinct groups: triangulation, transfer, and trust. This classification offers a simplified framework for those new to the concept, differentiating from traditional views where transaction costs are not explicitly defined. Triangulation specifically addresses the challenge of obtaining foundational information regarding the location and value of resources, as well as understanding the applicable background rules.

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