The first chapter of this dissertation considers the complexity of contracts to be determined bytransacting partners based on their exposure to the opportunistic behavior of theother. A transaction cost economics model generates the hypothesis that buyer andseller relationship-specific...

This thesis deals with the relationship between no-arbitrage and (strictly) consistent price processes for a financial market with proportional transaction costs in a discrete time model. The exact mathematical statement behind this relationship is formulated in the so-called Fundamental Theorem...