Page "Transaction cost" Paragraph 8

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 Prize in Economics