Abstract
According to transaction cost theory, when limited rational and opportunistic market participant trade, search costs, negotiation costs, and monitoring costs are required to compensate for the asymmetry of information. In order to reduce these transaction costs, (1) market transactions, (2) intra-organization transactions, and (3) intermediate organization transactions are selected and conducted. Implicit negotiations and direct negotiations are carried out in intra-organizational transactions and intermediate organizational transactions, but in market transactions, the PR approach plays an important role.
