Summary of JOIE Article by Daniil Frolov Faculty of Economics and Management, Volgograd State Technical University, Volgograd, Russia. The full article is available on the JOIE website Sludge is an emerging concept in behavioural economics that refers to various types of perceived frictions faced by decision-makers due to the specific characteristics of choice contexts. According to…
Tag: transaction cost
Transactions and Legal Institutionalism: Part I
Summary of JOIE article (22 April 2025) by Geoffrey M. Hodgson International Management, Loughborough University London, London, UK. The full article is available on the JOIE website. Prominent scholars have complained of confusion in the literature over what transactions are, and how their costs are measured. This two-part article explores this topic and suggests an alternative…