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...

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...

Our purpose is to reveal the transaction cost character of the different forms of market failure where transaction costs are defined as the costs of using the market mechanism, what it costs to organize market exchange or overcome the obstacles to an efficient market process. The paper thus...