Research areas

Changing markets and institutions

Transaction costs – costs caused by the exchange of goods and services in economic systems – are as important as costs caused by the production of those same goods and services. Efficient coordination of transactions in markets and companies through institutional design constantly offers new challenges for countries as well as for companies within an unwavering, further intensifying, global competition.

The digitalisation of economic processes does not only change the scale (big data) but also the matter of economic transactions. Economic analyses and applications deal with the effectiveness of market imperfections and its control by governance structures and contractual incentive systems.