The aim of this article is to propose a core game theory model of transaction costs wherein it is indicated how direct costs determine the probability of loss and subsequent transaction costs. The existence of optimum is proven, and the way in which exposure influences the location of the optimum is demonstrated. The decisions are described as a two-player game and it is discussed how the transaction cost sharing rule determines whether the optimum point of transaction costs is the same as the equilibrium of the game. The dispute between actors regarding changing the share of transaction costs to be paid by each party is modeled by a non-cooperative bargaining game. Requirements of efficient transaction cost sharing rules are defined, and it is posited that solution exists which is not unique. Policy conclusions are also devised based on principles of design of institutions to influence the nature of transaction costs.

Cryptocurrencies are now the most popular investment instruments among millenials. Crypto offers great returns in a short period of time. Prior to COVID-19, Crypto experienced significant price fluctuations accompanied by an increase in the number of high transaction volumes. This situation was disrupted by the presence of the COVID-19 which made the world economy devastated, marked by the decline of stock prices in the world, especially in Indonesia. A paired test was conducted in this study to compare the state of Crypto before and during COVID-19 with the variables of Risk, Transaction Volume, Return, and Sharpe Performance. The results showed that there was a significant difference in the variables of Transaction Volume and Return. However, there was no significant difference in the Risk and Sharpe performance before and during COVID-19. This study shows that despite the COVID-19 pandemic, the enthusiasm of investors who transact crypto assets is not affected and they still get returns in accordance with the investments made. The high risk will be followed by a high standard deviation, so that the Sharpe Performance is small. Cryptocurrencies still have many gaps to research, such as regulation, so that many countries have not legalized Crypto transactions. If there is no regulation for Crypto, it is certain that an increase in cybercrime harms crypto investors and threatens global financial stability. Nevertheles, with or without COVID-19, investment transactions gain and lose based on confidence in the limited market. Therefore, the success of confidence fluctuations in crypto encourages the emergence of alternative coins created by investors to conduct an Initial Coin Offering (ICO).

When we talk about the Internet of Things, we are referring to the connecting of things to a1 physical network that is embedded with software, sensors, and other devices that allow information2 to be exchanged between devices. It is possible that the interconnection of devices will present3 issues in terms of security, trustworthiness, reliability, and confidentiality, among other things.4 The proposed approach is effective at detecting intrusions into the Internet of Things network.5 Initially, the privacy-preserving technology was deployed utilising a Blockchain-based methodology6 to ensure that personal information was protected. Patients’ health records (PHR) security is the7 most crucial component of encryption over the Internet because of the value and importance of these8 records, particularly in the context of the Internet of Medical Things (IoMT). The search terms access9 mechanism is one of the most common approaches used to access personal health records from a10 database, but it is vulnerable to a number of security flaws. However, while blockchain-enabled11 healthcare systems provide increased security, they may also introduce weaknesses into the current12 state of the art. Blockchain-enabled frameworks have been proposed in the literature as a means13 of resolving those challenges. These solutions, on the other hand, are primarily concerned with14 data storage, with Blockchain serving as a database. To enable secure search and keyword-based15 access to a distributed database, this study proposes the use of blockchain technology as a distributed16 database, together with a homomorphic encryption mechanism. Aside from that, the suggested17 system includes a secure key revocation mechanism that can be used to automatically update various18 policies.As a result, our proposed approach provides greater security, efficiency, and transparency19 while also being more cost-effective. We have compared the findings of our proposed models with20 those of the benchmark models, if appropriate. Our comparison research demonstrates that our21 suggested framework provides a more secure and searchable mechanism for the healthcare system22 than the current state of the art.

The purpose of this article is to simulate data transmission and calculate traffic parameters in SAGIN air segment for which Ad Hoc network of flying drones is considered as a model. Traffic modeling is based on the manet-routing-compare example from the ns3 simulator library, which has been supplemented with the code for calculation packet losses, throughput/goodput, and message transmission delays. The program allowed considering drones movement at both low and high speeds from 3.6 km/h to 72 km/h. The dependences of traffic losses on data transmission power, transaction sizes and data transmission rate are obtained and analyzed. The distribution of the average effective arrival rate λ and the throughput/goodput for drones has been studied. Comparing traffic characteristics in models with different numbers of drones allows judging how the required quality of service can be achieved by choosing the right transmission parameters.

To alleviate the contradiction between the increasing demand for water and the shortage of resources and to provide a favorable institutional environment for water rights trading, the Chinese government has strengthened the top-level design of water management system. However, the water-rich regions (southern regions of China) have good water resource endowment and a surplus of total water consumption indicators. Does this mean that there is no incentive and no need to conduct water rights trading in these regions? Through the investigation of water rights circulation cases in the Taihu Basin, a typical water-rich region of China, we established the existence of trading demand and some difficulties in conducting transactions. This paper argues that the needs of trading include alleviating the water gap in regional development, solving the water demand for large new projects, coordinating trans-jurisdiction water disputes. The plight of trading includes the lack of awareness, irregular process, excessive administrative intervention, and imperfect trading system.

The past few decades have been characterized by a growing body of profit-seeking public service areas with the understanding that profit-seeking organizations will deliver public services more efficiently than government can. These sectors include, but are not limited to, health care, corrections and education. Governments have created quasi markets to attract private providers of services in these sectors, with varying results. Organizational economics has provided the primary explanation for quasi markets, but questions about the sought-for efficiencies actually realized through these markets persist. We integrate resource dependence theory and organizational economics to provide a more comprehensive explanation of the persistence of quasi markets.

This study investigated the roles of transactions cost in MSMEs access to finance. This was done by investigating the impact of transactions cost on access to credit from both MSMEs and financial institutions (commercial banks and microfinance banks). From the MSMEs’ side, borrowing experience, decision lag, firm size and borrowers’ distance to the loan office were investigated. On the financial institution’s side, the costs of information gathering, loan administration, monitoring and loan enforcement were investigated. We used the questionnaire survey method, in-depth interviews and case studies, as well as the annual financial statements of the banks. We identified interest rate and collateral value as constraints to access to finance for MSMEs. We also found financial institutions’ attitude to MSMEs access to credit was not friendly. Financial institutions need to do more to bring down transaction cost of lending. This hopefully can be achieved by investing more in agent banking which would lower operating costs, as well as spreading risk, and ultimately increase credit intermediation to small businesses.

Land and property development process include a series of multifaceted activities ranging from purchasing to converting it for development purposes and everything in between. The process itself encompasses multiple stakeholders, drivers, and contributions from diversified public and private actors and transaction cost arises out of their complex interaction. Transaction costs incurred during any kind of human interactions (i.e. transactions). Every actor involved in the process wishes to maximize his achievement under various constraints and hence institutional arrangement (i.e. set of humanly devised rules to administer the constraints) is necessary for efficient management of the development process. Therefore, to devise an optimum outcome out of economic and social transactions in the property development process, cooperative and competitive relationships between individuals should be understood from a broader socio-political and governance structure. In this research, it is critically argued that land and property development process should implicate a multifaceted set of formal and informal rules or institutional arrangement to govern the intrinsic interaction, action and thereby reducing the related transaction cost. The argument is further reproachfully evaluated and implicated in the urban development process through the myopic lens of Transit-oriented development (TOD) pathway. A vigilant combination of descriptive and explanatory research approach is adopted to analyze the connection between theory and practice.

Climate change from anthropogenic activities represents a serious threat to life in earth. Agriculture releases significant emissions of greenhouse gases (GHG), but also offers low-cost opportunities to mitigate GHG emissions. This paper assesses agricultural GHG emissions in Aragon, one important and representative region for agriculture in Spain. The Marginal Abatement Cost Curve (MACC) approach is used to analyze the abatement potential and cost-efficiency of mitigation measures under several scenarios, with and without taking into account the interaction among measures and their transaction costs. The assessment identifies the environmental and economic outcomes of different combinations of measures. Moreover, we develop future mitigation scenarios for agriculture toward the year 2050, in order to assess the impacts on GHG emissions. Results highlight the importance of assessing biophysical processes in mitigation measures, and the significant effects of interactions between measures that reduce the abatement potential and worsen the cost-efficiency. The inclusion of transaction costs provides a better ranking of measures and a more accurate estimation of implementation costs. The scenario analysis shows how the combinations of measures could reduce emissions and promote sustainable agriculture in the future. Keywords: Climate change; mitigation measures; biophysical processes; cost-efficiency; abatement costs; transaction costs; policy scenarios.

Semantic rules link purely theoretical terms like “price” and “electron” to things we can measure. Without them, theories cannot be tested empirically. When inappropriate, they produce false rejections. Economists routinely ignore semantic rules. Empirical journal articles essentially never mention them. More to the point, the conventional tests that reject the Law of One Price and Purchasing Power Parity never consider them. As a result, those rejections are unwarranted because such tests use inappropriate semantic rules. Both theories should be restored to not rejected and then retested using the more appropriate semantic rules described here. By using appropriate semantic rules, this paper is able to combine Covered Interest Parity and Purchasing Power Parity into a single theory that links auction markets for financial assets and commodities to auction markets for exchange rates. Using appropriate semantic rules for both theories also explains several puzzles in open economy macroeconomics and opens up broad new vistas for research.

In recent years, local governments have been using transportation card data to monitor the use of public transport and improve the service. However, local governments that are applying a single-fare scheme are experiencing difficulties in using data for accurate identification of real travel patterns, policy decision support, etc. because the information on alighting stops of users is missing. This policy limits its functionality of utilizing data such as accurate identification of real travel patterns, policy decision support, etc. Various studies to overcome this limitation have been conducted in South Korea and other countries to develop es-timation methodologies of alighting stops. Even existing studies introduce an advanced method, we found the margin for better accuracy by combining various estimation methodologies for estimating alighting stops. This study reviewed previously conducted studies to classify data with missing alighting stop information into trip types and then applied an appropriate alighting stop estimation methodology for the characteristics of each trip type by stage. The proposed method is evaluated by utilizing transportation card data of the Seoul metropolitan area and checked the accuracy for each standard of allowable error for sensitivity analysis. Furthermore, the number of trips, accuracy, and valid tag rate were checked for each type to examine the need for classifying the trip types. Finally, our evaluation also examines the impact of classifying trip types on estimation accuracy. The evaluation criteria are accuracy of the number of trips and valid tag rate. The analysis shows that the stage-by-stage estimation methodology based on the trip type proposed in this study can es-timate users’ destinations more accurately than previous studies. Furthermore, based on the construction of nearly 100% valid tag data, this study differs from prior studies.