Transaction cost regulation
By: Pablo T. Spiller
Contributors: National Bureau of Economic Research
Series: NBER working paper series -- working paper 16735; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16735.
Publisher: National Bureau of Economic Research
Published: 2011
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] /
Description: "This paper discusses the fundamental underpinnings and some implications of transaction cost regulation (TCR), a framework to analyze the interaction between governments and investors fundamentally, but not exclusively, in utility industries.  TCR sees regulation as the governance structure of these interactions, and thus, as in standard transaction cost economics, it places emphasis in understanding the nature of the hazards inherent to these interactions.  The emphasis on transactional hazards requires a microanalytical perspective, where performance assessment is undertaken within the realm of possible institutional alternative.  In that sense, politics becomes fundamental to understanding regulation as the governance of public / private interactions.  The paper discusses two fundamental hazards and their organizational implications: governmental and third party opportunism.  Both interact to make regulatory processes and outcomes more rigid, formalistic, and prone to conflict than envisioned by relational contracting"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 4/28/2011.

Includes bibliographical references.

Also available in print.

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Mode of access: World Wide Web.