For the purpose of clarifying the meaning of transaction costs the author considers their formation with regard to the institutional interactions of actors. Transaction costs are the costs associated with the adaptation of the actors to the changes (innovations) taking place in the institutional structural elements: team, functions, norms and values. The process of transition from one innovation to another on the example of their life cycles shifts allows to describe the types of transaction costs ex ante and ex-post costs as the sum of two types of costs: costs for the disposal of old innovations and costs for the development of the new.
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