Economic theory provides various explanations for vertical integration but transaction costs seem to be a major determinant of backward, forward and lateral integration. The paper studies integration trends in the newly emerging Bulgarian pharmaceutical sector, seeking transaction cost...

This paper relates economic development to transaction costs. It reveals the triad transaction costs-market failure-economic underdevelopment. Many scholars attribute the problems of development to the failure of markets to perform their role of resource allocation. Some deny market failure and...

Few textbooks in mathematical economics cover optimal timing problems. Those which cover them do it scantly or in a rather clumsy way, making it hard for students to understand and apply the concept of optimal time in new contexts. Discussing the plentiful illustrations of optimal timing...

Few textbooks in mathematical economics cover optimal timing problems. Those which cover them do it scantly or in a rather clumsy way, making it hard for students to understand and apply the concept of optimal time in new contexts. Discussing the plentiful illustrations of optimal timing...

This paper relates economic development to transaction costs. It reveals the triad transaction costs-market failure-economic underdevelopment. Many scholars attribute the problems of development to the failure of markets to perform their role of resource allocation. Some deny market failure and...