How Do Developers Influence the Transaction Costs of China’s Prefabricated Housing Development Process?: An Investigation Through the Bayesian Belief Network Approach

The implementation of prefabricated housing (PH) has become prevalent in China recently due to its advantages in enhancing production and energy-saving efficiency within the construction system. However, stakeholders may not always fully realize the benefits of adopting PH due to the emergence of transaction costs (TCs) in the development...

Boosting long-term-oriented thinking to promote home energy retrofit: A choice experiment

In the built environment sector, enhancing energy efficiency through energy retrofitting is a key strategy to mitigate climate change. Despite the efforts made by local municipalities to offer technical and financial support, the rate of home energy retrofit remains low. The decision to undertake home energy retrofit is complex for homeowners....

Fictions and frictions: Promises, transaction costs and the innovation of network technologies

New network technologies are framed as eliminating ‘transaction costs’, a notion first developed in economic theory that now drives the design of market systems. However, the actual promise of the elimination of transaction costs seems unfeasible, because of a cyclical pattern in which network technologies that make that promise create...

Evaluation of Central Bank-issued Digital Currency (CBDC) Implementation Designs using Transaction Cost Economics Perspective

The advancement in digital technology provides room for innovations in many sectors, including in the financial sector. The development of digital currencies is one example of digital advancements in this sector. Digital currencies can take many forms, and cryptocurrency is one of the most popular forms of digital currencies today. Bitcoin and...

Aligning modes of organization with technology: Critical transactions in the reform of infrastructures

We address the alignment of technology and modes of organization in infrastructures in the context of their reform. Since infrastructures are characterized by strong technical complementarities, we explore the resulting ‘critical technical functions that need to be performed in order to guarantee the expected technical performance of the system....

Cost savings from performance-based maintenance contracting

New procurement approaches combined with performance-based building approaches should reduce costs, but empirical qualitative and quantitative studies are lacking. Performance-based maintenance contracts give maintenance suppliers incentives to improve their way of working. Innovative, cost-effective solutions that meet the performance criteria...