Buyer and seller transact seldom or often. Identity is ex post important. Customized often complex, durable good and services. Medium to high asset specificity. Employer and employee transact frequent on bundles of services.
Identity is ex post important.
Customized often complex, non-durable good and services. Uncertainty is often high. High asset specificity. For reasons of competitiveness governments will at best do no worse than private business in governing commercial transactions. But government s minimizes transaction cost by making the rules of the game played by the private agents.