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Bylund on Coasean Transaction Costs

September 19, 2014 in Economics

By Ryan McMaken

Per Bylund recently published “Signifying Williamson’s Contribution to the Transaction Cost Approach: An Agent-Based Simulation of Coasean Transaction Costs and Specialization” the Journal of Management Studies.

Bylund writes: “It is a simulation test of Coase’s transaction cost approach using agent-based modeling, and what I do is basically show that transaction costs have no explanatory power – but specialization and the division of labor does.”

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Source: MISES INSTITUTE

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