Please ignore my copyrights reserved note on the bottom of each page. I decided I would rather have everyone feel free to use the material as they see fit with one exception that they refer to the field as Transaction Cost Economics per requirement from its author Nobel Laureate Oliver Williamson, professor emeritus of law, economics, and business administration at University of California, Berkeley.
Transaction cost economics (TCE) is a sub-field of economics. It is new and thus its language has not yet been integrated as much as we would like into the everyday standard economic parlance. This results in a relatively time consuming learning curve for most non economists. This 15 page paper with 3 pages of graphs is an attempt to make the content as lucid as I am capable of doing at this time.
TCE is about project delivery with a strong focus on the human and organizational side of microeconomics. Hence, it deals with the often glossed-over transaction costs of projects, which when considered opens up an entirely new world of understanding how projects work. For example, with the addition of transaction costs, total cost is now the sum of production and transaction costs and an efficient project is the minimization of both costs. Despite my extensive experience (40 years) designing and implementing projects worldwide, TCE made it all lucid and I began to connect the dots like never before. Understanding it was valuable enough to me to spend over a decade studying and applying it in real and stylized projects. My interest is two fold: to get the Bank to adopt it because if will vastly improve project implementation and the capacity to predict outcomes; and to train others in the field so that Bank staff can better apply and hone this new discipline. TCE is not perfect by any means, it still needs field application for which it is ready and prepared to do. For further information check on the website of the International Society for New Institutional Economics (ISNIE) and my own website: www.infragov.com Cholpon IbraimovaLesley ShneierAlumni Development Know-How NetworkEconomists ChapterUrban and Water GroupThe specified item was not found.Institutional Labyrinth.pdf