Transaction Costs as Determinants of Vertical Coordination in the U.S. Food Industries

1992 ◽  
Vol 74 (4) ◽  
pp. 941-950 ◽  
Author(s):  
Stuart D. Frank ◽  
Dennis R. Henderson
Keyword(s):  
Transaction Costs ◽  
Vertical Coordination ◽  
Food Industries ◽  
The U.S

scholarly journals Scale and Transaction Costs in the U.S. Biopower Industry

2007 ◽  
Vol 5 (1) ◽  
Author(s):  
Ira J Altman ◽  
Peter G. Klein ◽  
Thomas G. Johnson
Keyword(s):  
Transaction Costs ◽  
The U.S

scholarly journals Symposium on the Economics of Liability

1991 ◽  
Vol 5 (3) ◽  
pp. 3-10 ◽  
Author(s):  
Carl Shapiro
Keyword(s):  
Transaction Costs ◽  
Economic Efficiency ◽  
Legal Liability ◽  
The Other ◽  
Accident Insurance ◽  
Other Hand ◽  
The U.S

Has the U.S. liability system run amok? Many commentators feel it has, as do many executives who feel that the liability “tax” discourages innovation and ultimately fails to promote safety. On the other hand, economists have ceaselessly pointed out that when one party is made liable for injury caused to another, an externality has been internalized. This symposium is intended to clarify just what economists know about the U.S. liability system: its worth as well as its flaws. The resulting picture is not a pretty one. Often liability is imposed on injurers as a means of compensating and insuring victims, despite the fact that such compensation and insurance could be accomplished much more effectively using direct accident insurance. Liability is an expensive means of providing compensation, since the legal liability system involves large transaction costs, mainly in the form of litigation expenses. Overall, America's institutions for assigning liability are poorly designed to promote economic efficiency.

scholarly journals Effect of contract farming on the U.S. crop farmers’ average return

2013 ◽  
Vol 59 (No. 5) ◽  
pp. 195-201
Author(s):  
W.-Y. Hu
Keyword(s):  
Propensity Score ◽  
Transaction Costs ◽  
Logit Model ◽  
Decision Problem ◽  
Contract Farming ◽  
Department Of Agriculture ◽  
Average Return ◽  
Positive Effect ◽  
Matching Estimation ◽  
The U.S

In the literature of contract farming, most of the studies focus on the functions of risk managements and reducing transaction costs. Only a few study the effect of contract farming on the productivity efficiency or profitability. Literature in the crop sector is especially lacking. In this paper, we use a unique farm-level dataset (Agricultural Resource Management Survey from the U.S. Department of Agriculture) to examine the effect of contract farming on the farmers’ average return for the corn, soybean and wheat producers. The matching estimation is used in the nature to compare the farmers’ average return with or without participating contract farming. We first run a logit model to calculate the propensity score from the farmers’ contracting decision problem. Then, use the propensity score to match farmers using the contracts and not using the contracts and compare their average returns. The empirical results show that contract farming has a positive effect on the corn and soybean producers’ average return and insignificant effect on wheat producers’.    

scholarly journals The Methods of Reforming the Global Currency and Regulatory System: Innovative Scenarios

2020 ◽  
Vol 9 (512) ◽  
pp. 262-269
Author(s):  
M. A. Kaftia ◽  
Keyword(s):  
Transaction Costs ◽  
High Reliability ◽  
Regulatory System ◽  
Currency Unions ◽  
Government Bonds ◽  
Economic Agents ◽  
The Third ◽  
Country Level ◽  
The Status ◽  
The U.S

The article is aimed at formulating the most possible prospective scenarios for reforming the global currency and regulatory system. The first scenario is a supra-nationally oriented currency system, which provides for the introduction of non-cash supranational monetary units in the status of the main international reserve means – instead of the U.S. dollar, with a purpose to counteract its chronic depredation. The second scenario of reforming the global currency and regulatory system is its orientation toward the official remonetization of gold, which provides for the restoration of the gold’s monetary status (in a certain modified form) as a universal and natural value benchmark, as well as its transformation into a first-class asset such as cash or government bonds. The third scenario of reforming the global currency and regulatory system is connected with the development of a multipolar currency system. Its material core is the consolidation of national monetary systems in terms of the formation of international currency unions and collective currencies. And finally, the fourth scenario of reforming the global currency and regulatory system is the digitalized currency system. It provides a mandatory component of the introduction of digital currencies – the cryptocurrencies characterized by presence of the computer nodes controlled by blockchain and evenly distributed at the inter-country level. These elements will be used in those elements of currency systems, where it will be possible to achieve savings in the transaction costs of economic agents for settlement transactions and ensure high reliability of the carried out transactions.

Virtual Integration

2008 ◽  
pp. 816-845
Author(s):  
Jeffrey C.F. Tai ◽  
Eric T.G. Wang ◽  
Kai Wang
Keyword(s):  
Supply Chain ◽  
Transaction Costs ◽  
Environmental Uncertainty ◽  
Coordination Mechanism ◽  
Vertical Coordination ◽  
Resource Based View ◽  
Specific Investments ◽  
Virtual Integration ◽  
Manufacturing Performance ◽  
Transaction Value

The integration and coordination of strategic suppliers becomes increasingly important as the manufacturer relies on external transactions to build up collaborative advantages. By conceptualizing virtual integration as an efficient and effective vertical coordination mechanism, the study discussed in this chapter developed a model to examine the role virtual integration plays in improving manufacturing performance and the antecedent factors that can lead supply chain members to rely on virtual integration to govern supply chain integration. Based on the resource-based view and transaction costs theory, the suppliers’ specific investments and environmental uncertainty are identified as critical antecedents to virtual integration. The results show that the suppliers’ specific investments can significantly improve the manufacturers’ achievement of manufacturing goals, thereby motivating the manufacturer to rely on virtual integration to better coordinate with the suppliers who made significant idiosyncratic investments for enhancing transaction value while controlling the potential hazards.

Virtual Integration

2007 ◽  
pp. 64-105 ◽  
Author(s):  
Jeffrey C.F. Tai ◽  
Eric T.G. Wang ◽  
Kai Wang
Keyword(s):  
Supply Chain ◽  
Transaction Costs ◽  
Environmental Uncertainty ◽  
Coordination Mechanism ◽  
Vertical Coordination ◽  
Resource Based View ◽  
Specific Investments ◽  
Virtual Integration ◽  
Manufacturing Performance ◽  
Transaction Value

The integration and coordination of strategic suppliers becomes increasingly important as the manufacturer relies on external transactions to build up collaborative advantages. By conceptualizing virtual integration as an efficient and effective vertical coordination mechanism, the study discussed in this chapter developed a model to examine the role virtual integration plays in improving manufacturing performance and the antecedent factors that can lead supply chain members to rely on virtual integration to govern supply chain integration. Based on the resource-based view and transaction costs theory, the suppliers’ specific investments and environmental uncertainty are identified as critical antecedents to virtual integration. The results show that the suppliers’ specific investments can significantly improve the manufacturers’ achievement of manufacturing goals, thereby motivating the manufacturer to rely on virtual integration to better coordinate with the suppliers who made significant idiosyncratic investments for enhancing transaction value while controlling the potential hazards.

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