This article presents a “second-generation” rational choice explanation for voluntary regional governance. It identifies the interests that motivate interlocal collaboration and argues that voluntary agreements emerge from a dynamic political contracting process in which benefits exceed the transaction costs of bargaining an agreement. Explanations are presented for how specific community chara...

Among the recent innovative strategies for coping with product variety and market risk some firms have partnered to leverage economies of scale and risk pooling by sharing manufacturing capacity. In this paper we study how to structure such a joint venture to achieve full efficiency at low transaction costs. Specifically, we study whether capacity should be owned jointly or separately. Overall,...

(ABSTRACT) With the recent technological developments in last few decades, there is a notable shift in the way business/consumer transactions are conducted. A majority of transaction now a days fall in Online Transaction Processing (OLTP) category, where transactions are triggered over the internet and transactional systems working in the background ensure that these transactions are processed....

The aim of this study is to investigate the effects of outside board on rm value in Tehran Stock Exchange (TSE) from the perspective of information transaction costs. To do so, a sample of 96 firms listed in TSE is selected to be studied during the period of 2003-2012. Tobin q ratio is used to measure rm's value and bid-ask spread for information transaction costs. In addition to these variable...

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A real time database system provides database features such as data independence and concurrency control while at the same time enforcing real time constraints that applications may have In this chapter we give an overview of the problems that arise in designing a real time database system and discuss some of the possible solutions The topics covered include the choice of transaction model the ...

We quantify the effects of financial regulation in an equilibrium model with delegated portfolio management. Fund managers trade stocks and bonds in an orderdriven market, subject to transaction taxes and constraints on short-selling and leverage. Results are obtained on the equilibrium properties of portfolio choice, trading activity, market quality and price dynamics under the different regul...