transaction

A transaction is a kind of >action in >networks which causes a change of the >state space of the actor being the object of the transaction. This includes reflexive transactions where one actor changes his own state. In >bimodal terms every transaction is a change of >knowledge and matter-energy, however this does not imply that the receiving actor is fully aware of this (e.g. in case of an externality). This depends on the accompanying actions, that is >perception and >communication. Transactions differ from the latter two because the focus is on changes of states of matter-energy of the receiving actor, which need not be congruent in scope with the implied changes of >knowledge, in particular the relation between non-referential and referential.

In EE, the concept of transaction allows to apply many of the insights developed in institutional economics, especially in the context of >transaction cost analysis. It is important to understand the interaction between >technology and >institutions in the emergence of particular configurations of transactions. A crucial problem in the realization of transactions is the related coordination of the knowledge involved. Transaction cost analysis particular emphasizes the mutual coordination of actors and possible failures resulting from asymmetric knowledge and opportunism, whereas EE also stresses the more general problems in coordination knowledge, as for example between producer and user of a technology or within a firm which organizes complex production.

Basic References

A classic on transactions is:
J.R. Commons, Institutional Economics, Madison, WI, 1934

A very good modern survey of the economic theory of transactions, yet without a full evolutionary framework is:
Eirik Furubotn and Rudolf Richter, Institutions and Economic Theory: An Introduction To and An Assessment of the New Institutional Economics, Ann Arbor: Univeryity of Michigan Press.

Semantic Field
network
actor   action
communication   transaction   perception