Transaction Costs and the Structure of the Market
A Case Study
Bibliographic Data
| ID | 2805954 |
|---|---|
| Authors | Ninc Wang (University of Chicago, corresponding author) |
| Year | 1999 |
| Volume | 58 |
| Issue | 4 |
| Pages | 783-805 |
| Publication date | 1999-10-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | American Journal of Economics and Sociology (JOURNAL) |
| Journal identifiers | ISSN: 0002-9246 • E-ISSN: 1536-7150 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/j.1536-7150.1999.tb03394.x |
| OpenAlex | W2030523338 |
| Language | EN |
| Citations received | 3 |
| References cited | 18 |
Drawing upon the development of fish markets in a Chinese fishery community, this paper investigates the impact of transaction costs on the institutional structure of exchange. Fish markets in this region are connected and organized into a hierarchical network. This structure of fish markets dramatically reduces the cost for geographically distanced fishermen and consumers to execute trades. However, the provision of the market itself requires entrepreneurial el forts. In this study, the market is conceptualized as a continuum of middlemen, whose entrepreneurial efforts of buying and selling make the market work. When the middleman makes profits, the market is at work. Otherwise, the market fails to emerge. Comparing the different ways of organizing fish transportation at two distinct villages, this paper shows that the choice of the market or the firm to organize fish transportation is determined by the cost of putting the market to work
Business · Commerce · Database transaction · Fish · Fish <Actinopterygii> · Fishery · Industrial organization · Market microstructure · Market structure · Order (exchange) · Transaction cost · Work (physics) · China's Socioeconomic Reforms and Governance · Computer Science · Culture, Economy, and Development Studies · Finance · Historical Economic and Social Studies
The Bazaar Economy
Markets and Hierarchies : analysis and antitrust implications
Markets with a Continuum of Traders
Opting out of the Legal System
The Nature of the Transnational Firm
Institutions, Institutional Change and Economic Performance
Information and Consumer Behavior
The Nature of the Firm
Transaction Costs, Markets and Hierarchies
The Economic Institutions of Capitalism
The F-Connection
Marketing and Social Structure in Rural China, Part I
Transaction Costs and the Structure of the Market
Marketing and social structure in rural China
Where Do Markets Come From
| Citations per year | 0.11 |
|---|---|
| Citation span | 1999 - 2013 (15) |
| Highly cited | No |