In this video Professor Douglas Allen elaborates on the nature of transaction costs and connects them to the concept of property rights and the Coase theorem. An understanding of these concepts is the starting point for researching matters of organization, governance, institutions, or other questions related to the distribution of property rights.
Alchian, Armen A. (1965), ‘Some Economics of Property Rights’, 30 Il Politico, 816-829.
Allen, Douglas W. (1991), ‘What are Transaction Costs?’, 14 Research in Law and Economics, 1-18.
Coase, Ronald H. (1960), ‘The Problem of Social Cost’, 3 Journal of Law and Economics, 1-44.
Hicks, John R. (1935), ‘A Suggestion for Simplifying the Theory of Money’, 2 Economica, 1-19.