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In economics and related disciplines, a transaction cost is a cost incurred in making an economic exchange (restated: the cost of participating in a market).〔(Buy-side Use TCA to Measure Execution Performance ), FIXGlobal, June 2010〕 Transaction costs can be divided into three broad categories: * ''Search and information costs'' are costs such as in determining that the required good is available on the market, which has the lowest price, etc. *''Bargaining costs'' are the costs required to come to an acceptable agreement with the other party to the transaction, drawing up an appropriate contract and so on. In game theory this is analyzed for instance in the game of chicken. On asset markets and in market microstructure, the transaction cost is some function of the distance between the bid and ask. * ''Policing and enforcement costs'' are the costs of making sure the other party sticks to the terms of the contract, and taking appropriate action (often through the legal system) if this turns out not to be the case. For example, the buyer of a used car faces a variety of different transaction costs. The search costs are the costs of finding a car and determining the car's condition. The bargaining costs are the costs of negotiating a price with the seller. The policing and enforcement costs are the costs of ensuring that the seller delivers the car in the promised condition. == History of development == The idea that transactions form the basis of an economic thinking was introduced by the institutional economist John R. Commons (1931). He said that: The term "transaction cost" is frequently thought to have been coined by Ronald Coase, who used it to develop a theoretical framework for predicting when certain economic tasks would be performed by firms, and when they would be performed on the market. However, the term is actually absent from his early work up to the 1970s. While he did not coin the specific term, Coase indeed discussed "costs of using the price mechanism" in his 1937 paper ''The Nature of the Firm'', where he first discusses the concept of transaction costs, and refers to the "Costs of Market Transactions" in his seminal work, ''The Problem of Social Cost'' (1960). The term "Transaction Costs" itself can instead be traced back to the monetary economics literature of the 1950s, and does not appear to have been consciously 'coined' by any particular individual.〔Robert Kissell and Morton Glantz, ''Optimal Trading Strategies'', AMACOM, 2003, pp. 1-23.〕 Arguably, transaction cost reasoning became most widely known through Oliver E. Williamson's ''Transaction Cost Economics''. Today, transaction cost economics is used to explain a number of different behaviours. Often this involves considering as "transactions" not only the obvious cases of buying and selling, but also day-to-day emotional interactions, informal gift exchanges, etc. Oliver E. Williamson was awarded the 2009 Nobel Memorial Prize in Economics〔Special Issue of Journal of Retailing in Honor of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2009 to Oliver E. Williamson, Volume 86, Issue 3, Pages 209-290 (September 2010). Edited by Arne Nygaard and Robert Dahlstrom〕 According to Williamson, the determinants of transaction costs are frequency, specificity, uncertainty, limited rationality, and opportunistic behavior. At least two definitions of the phrase "transaction cost" are commonly used in literature. Transaction costs have been broadly defined by Steven N. S. Cheung as any costs that are not conceivable in a "Robinson Crusoe economy"—in other words, any costs that arise due to the existence of institutions. For Cheung, if the term "transaction costs" were not already so popular in economics literatures, they should more properly be called "institutional costs".〔Steven N. S. Cheung "On the New Institutional Economics", ''Contract Economics''〕〔L. Werin and H. Wijkander (eds.), Basil Blackwell, 1992, pp. 48-65〕 But many economists seem to restrict the definition to exclude costs internal to an organization.〔Harold Demsetz (2003) “Ownership and the Externality Problem.” In T. L. Anderson and F. S. McChesney (eds.) Property Rights: Cooperation, Conflict, and Law. Princeton, N.J.: Princeton University Press〕 The latter definition parallels Coase's early analysis of "costs of the price mechanism" and the origins of the term as a market trading fee. Starting with the broad definition, many economists then ask what kind of institutions (firms, markets, franchises, etc.) minimize the transaction costs of producing and distributing a particular good or service. Often these relationships are categorized by the kind of contract involved. This approach sometimes goes under the rubric of New Institutional Economics. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Transaction cost」の詳細全文を読む スポンサード リンク
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