Transactions Costs and the Efficient Organization of Production: A Study of Timber-Harvesting Contracts


A transaction costs framework is developed to explain the choice between lump-sum and per unit payment provisions in private timber-harvesting contracts. Predictions about which contract type minimizes the transaction costs of presale measurement and contract enforcement and monitoring are derived and tested using private timber sales contracts from North Carolina. The empirical results provide strong support for the transaction costs approach and also reject several predictions from a risk-based model. The transaction costs framework also provides insights into the choice between negotiated and competitive sales procedures.

Actividades: 
Administración forestal
Tipo de Publicación: 
Boletín Oficial
Nombre Autor: 
Keith B. Leffler, Randal R. Rucker
En Venta: 
NO
Año de Publicación: 
2004
Ámbito: 
Internacional
Nº de Páginas: 
29
Idioma: 
English

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