Difference between revisions of "Transaction"
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| + | Some key characteristics of transactions: | ||
| + | * Involves the transfer of [[valuables]] (ex. [[property]] rights) or decision rights between [[agents]], or the act of contribution between [[agents]] and [[processes]]. | ||
| + | * Can occur in various settings, as market exchanges, within a any type of organizational setting (can be a firm/hierarchy, an [[OVN]], etc.), between an authority to those who are subject to it (state, platform), etc. | ||
| + | * Entails costs, beyond just the price in a market economy, such as search costs, negotiation costs, monitoring costs etc. These are termed transaction costs. | ||
| + | * Transaction costs arise due to factors like asset specificity, uncertainty, frequency of exchange, bounded rationality, and opportunism. | ||
| + | * The governance structure (market, [[commons]]/communal, gift, hierarchy, [[stigmergy]]) chosen aims to minimize the transaction costs involved for that particular transaction. | ||
| + | |||
| + | So in essence, a transaction is the basic unit of economic activity involving the transfer of [[valuables]] between [[agents]], with associated transaction costs that influence the optimal governance mode. Minimizing these transaction costs is a central focus of transaction cost economics. | ||
=Transaction and the NRP-CAS= | =Transaction and the NRP-CAS= | ||
| + | A transaction in [[NRP-CAS]] is treated as an event. | ||
| + | |||
In the [[NRP-CAS]] we use the fallowing transaction types. | In the [[NRP-CAS]] we use the fallowing transaction types. | ||
{| class="wikitable" | {| class="wikitable" | ||
Revision as of 18:16, 17 May 2024
Some key characteristics of transactions:
- Involves the transfer of valuables (ex. property rights) or decision rights between agents, or the act of contribution between agents and processes.
- Can occur in various settings, as market exchanges, within a any type of organizational setting (can be a firm/hierarchy, an OVN, etc.), between an authority to those who are subject to it (state, platform), etc.
- Entails costs, beyond just the price in a market economy, such as search costs, negotiation costs, monitoring costs etc. These are termed transaction costs.
- Transaction costs arise due to factors like asset specificity, uncertainty, frequency of exchange, bounded rationality, and opportunism.
- The governance structure (market, commons/communal, gift, hierarchy, stigmergy) chosen aims to minimize the transaction costs involved for that particular transaction.
So in essence, a transaction is the basic unit of economic activity involving the transfer of valuables between agents, with associated transaction costs that influence the optimal governance mode. Minimizing these transaction costs is a central focus of transaction cost economics.
Transaction and the NRP-CAS
A transaction in NRP-CAS is treated as an event.
In the NRP-CAS we use the fallowing transaction types.
| Transaction type | Expectation |
|---|---|
| gift | don't care, forget |
| contribute | growth, maturity |
| invest | returns, able to take risk |
| loan | want it back, + |
| exchange | equivalent return, the other thing |