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| Henning, Christian H.C.A.; Henningsen, Geraldine; Henningsen, Arne. |
| Based on the well-known fact that social networks can provide effective mechanisms that help to increase the trust level between two trade partners, we apply a simple game-theoretical framework to derive transaction costs as a high risk of opportunistic behavior in a repeated trade relation determined by the density and size of trading networks. In the empirical part of the paper we apply a two stage procedure to estimate the impact of social network structures on farm’s transaction costs observed for different input and output markets. At a first stage we estimate a multiple input-multiple output stochastic Ray production function to generate relative shadow prices of three inputs and two outputs traded by farms. At a second stage a structural equation... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Resource /Energy Economics and Policy. |
| Ano: 2011 |
URL: http://purl.umn.edu/114549 |
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| Henningsen, Geraldine; Henningsen, Arne; Henning, Christian H.C.A.. |
| All business transactions as well as achieving innovations take up resources, subsumed under the concept of transaction costs (TAC). One of the major factors in TAC theory is information. Information networks can catalyse the interpersonal information exchange and hence, increase the access to nonpublic information. Our analysis shows that information networks have an impact on the level of TAC. Many resources that are sacrificed for TAC are inputs that also enter the technical production process. As most production data do not separate between these two usages of inputs, high transaction costs are unveiled by reduced productivity. A cross-validated local linear non-parametric regression shows that good information networks increase the productivity of... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Resource /Energy Economics and Policy. |
| Ano: 2011 |
URL: http://purl.umn.edu/114547 |
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