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1、EndogenousTransactionCostsandDivisionofLaborXiaokaiYangDepartmentofEconomicsMonashUniversityandCenterforInternationalDevelopmentatHarvardUniversityandYiminZhaoGlobalTransferPricingServices,KPMGAbstractThepaperdevelopsageneralequilibriummodelwithalternatingofferbarg
2、ainingandendogenousspecializationtoinvestigateinterplaysbetweennetworkeffectsofdivisionoflaborandendogenoustransactioncostscausedbystrategicinteractions.Itshowsthatendogenoustransactioncostsmayhaveadverseeffectsonthedevelopmentofdivisionoflaborandthereforewelfare.T
3、heendogenoustransactioncostmaybeeliminatedinasupergamewhereplayerscareabouttheirreputation.21.IntroductionIntheemergingliteratureofgeneralequilibriummodelsofhighdevelopmenteconomics(seeFujitaandKrugman,1995andKrugmanandVenables,1996)andinthegrowingliteratureofendog
4、enousspecialization(seeYangandNg,1998forarecentsurveyandreferencesthere),effectsoftransactioncostsontheequilibriumnetworksizeofdivisionoflabor,theextentofthemarket,andproductivityareexploredbyformulatingthetradeoffbetweenincreasingreturnsandtransactioncosts.Inthese
5、models,however,transactioncostsareexogenousinthesensethattheyarenotcausedbyinterestconflictsbetweenplayersineconomicarena.NorthandThomas(1970)distinguishtheendogenoustransactioncosts,causedbymoralhazard,adverseselection,andothertypesofopportunism,fromexogenoustrans
6、actioncosts.Williamson(1975,1985)alsodrawthedistinctionbetweentheendogenoustransactioncostscausedbyopportunism(holdingup,cheating,andnotcrediblecommitment)andtangibleexogenoustransactioncosts.Atthesametime,anextensive1literatureofformalmodelsofendogenoustransaction
7、costshasbeendeveloped..Gametheoryhasbeenextensivelyusedintheliteraturetoinvestigateendogenoustransactioncostscausedbystrategicinteractions.However,noneofthesemodelscananalysetheeffectsofendogenoustransactioncostsonthedevelopmentofdivisionoflaborthatclassiceconomist
8、s(suchasAdamSmith)focusedon.Thecurrentpaperintendstofillthegapbydevelopingamodelwithendogenousstructureofdivisionoflaborandendogenoustransactionc