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BW21
Was sind Transaktionskosten?
Transaktionskosten sind diejenigen Kosten, die durch die Benutzung des Marktes (englisch market transaction costs), also im Zusammenhang mit der Transaktion von Verfügungsrechten (z. B. Kauf, Verkauf, Miete), oder einer innerbetrieblichen Hierarchie (englisch managerial transaction costs) entstehen. Die Transaktionskostentheorie besagt, dass bei jeder Transaktion auch Transaktionskosten anfallen.
BW21
Different extents of property rights?
1. right of use (+ exclude third parties)
2. right to change the object
3.right to the profits associated with the use
4. right to transfer sell the object
BW21
Was ist adverse selection?
bezeichnet in der neuen Institutionsökonomik einen Prozess, in dem es auf dem Markt aufgrund von Informationsasymetrie systematisch zu Ergebnissen kommt, die nicht Pareto-optimal sind
BW21
Examples for asymmetric information ?
health insurance, cars..
BW21
property rights
1 the right of use (usus), including the right to exclude third parties
2 the right to change the object (ab usus)
3 the right to the profits associated with the use (usus fructus)
4 the right to transfer/sell the object (ius abutendi)
BW21
Kennzeichen Neoclassical approach?
-fully rational and selfish Individuums and firms
-full information
BW21
Kennzeichen NIE
- Individuals have bounded rationality
- agents prone to opportunism
- all contracts are incomplete
- Transaktionskostenprobleme (deshalb Institutionen, um Komplexität zu reduzieren
BW21
Was sind Institutions?
-man made constraints
-human relations to each other
-system of norms to guide behaviour and human interaction
BW21
Übersicht NIE
Transactioncost Economies
Property Rights
Economic Contract Theory (PA and incomplete contracts)
BW21
Welche Kosten definieren Transaktionskosten?
-Pre-contractual costs (search and information costs)
-Contract conclusion costs (bargaining and decision costs)
-Post-contractual costs (contract monitoring, enforcement)
BW21
Which types of property rights exist?
- the right of use (usus), including the right to exclude third parties,
- the right to change the object (ab usus),
- the right to the profits associated with the use (usus fructus),
- the right to transfer/sell the object (ius abutendi).
BW21
Welche 2 Fälle gehören zur Principal Agent Theory?
Adverse Selection
Moral Hazard
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