Law Commons^™

The Functions Of Transaction Costs: Rethinking Transaction Cost Minimization In A World Of Friction, David M. Driesen, Shubha Ghosh

College of Law - Faculty Scholarship

This article critically examines the goal of minimizing transaction costs, including the costs of legal decision-making. This goal permeates the law and economics literature and has profoundly influenced public policy. While most transaction cost scholarship has focused upon private law, this influence has been especially pervasive in public law, where it has contributed to a variety of legal changes aimed at reducing public transaction costs, often through privatization.

We argue that transaction costs perform useful functions. They frequently enable those engaging in transactions to obtain information needed to correct for information asymmetries or inadequate information. They facilitate efficient transactions, allow …

Ideas, Artifacts, And Facilities: Information As A Common-Pool Resource, Charlotte Hess, Elinor Ostrom

Libraries' and Librarians' Publications

"The goal of this paper is to summarize the lessons learned from a large body of international, interdisciplinary research on common-pool resources (CPRs) in the past 25 years and consider its usefulness in the analysis of scholarly information as a resource. We will suggest ways in which the study of the governance and management of common-pool resources can be applied to the analysis of information and 'the intellectual public domain.' The complexity of the issues is enormous for many reasons: the vast number of players, multiple conflicting interests, rapid changes of technology, the general lack of understanding of digital technologies, …