Williamson(1979)transaction-cost economics交易费用经济学-合同关系的治理(中英文)

TRANSACTION-COST ECONOMICS: THE GOVERNANCE OF

CONTRACTUAL RELATIONS

交易费用经济学：合约关系的治理

The new institutional economics is preoccupied with the origins, incidence, and ramifications of transaction costs. 新制度经济学都已经先研究了交易费用的起源、发生、和分支。Indeed, if transaction costs are negligible, the organization of economic activity is irrelevant, since any advantages one mode of organization appears to hold over another will simply be eliminated by costless contracting. 事实上，如果交易费用是可以忽略的，经济活动的组织就是不相关的，因为一种组织模型对于另一种的优势将仅被低成本的合约所消除。But despite the growing realization that transaction costs are central to the study of economics,1 skeptics remain. 但是怀疑主义说坚持说，尽管日益增长的事实，交易成本仍是经济研究的中心。Stanley Fischer's complaint is typical: "Transaction costs have a well-deserved bad name as a theoretical device... [partly] because there is a suspicion that almost anything can be rationalized by invoking suitably specified transaction costs."2 Stanley Fischer的抱怨是典型的：交易成本作为理论设计拥有一个罪有应得的恶名。。这（部分）因为，对于任何东西都可以通过适当引入指定的交易成本而使其合理化这个观点，表示怀疑。Put differently, there are too many degrees of freedom; the concept wants for definition. 换句话说，自由有太多的角度；这个概念需要定义。

Among the factors on which there appears to be developing a general consensus are: 在这些因素里发展了一个普遍一致性是：(1) opportunism is a central concept in the study of transaction costs;3（1）机会主义是交易成本研究的核心概念；(2) opportunism is especially important for economic activity that involves transaction-specific investments in human and physical capital;4（2）机会主义对于经济活动特别重要，包括涉及对人力和物质资本的交易专用性投资；(3) the efficient processing of information is an important and related concept;5 and （3）信息的有效加工过程是一个重要且相关的概念；(4) the assessment of transaction costs is a comparative institutional undertaking.6（4）交易成本的评估是相对制度上的任务。Beyond these general propositions, a consensus on transaction costs is lacking.除了这些一般的假设，还是缺失交易成本的一致意见。

Further progress in the study of transaction costs awaits the identification of the critical dimensions with respect to which transaction costs differ and an examination of the economizing properties of alternative institutional modes for organizing transactions. 交易成本研究的进一步发展，需要对关于交易成本有什么不同的关键维度的识别，以及对组织交易的替代制度模式性质的节约属性进行检验。Only then can the matching of transactions with modes be accomplished with confidence. 只有这样，随后交易和模式的匹配才能很好地完成。This paper affirms the proposition that transaction costs are central to the study of economics, identifies the critical dimensions for characterizing transactions, describes the main governance structures of

transactions, and indicates how and why transactions can be matched with institutions in a discriminating way. 这篇文章验证了这个假设：交易成本是经济研究的核心，确认了交易的关键维度，描述了交易的主要治理结构，表明了交易如何以及为什么能以一种有差别的形式与制度相匹配。

I am mainly concerned with intermediate-product market transactions. 我主要关心中间产品市场交易。Whereas previously I have emphasized the incentives to remove transactions from the market and organize them internally (vertical integration),7 the analysis here is symmetrical and deals with market, hierarchical, and intermediate modes of organization alike. 然而之前我已经强调了从市场转移交易的激励，和组织它们内部化（垂直一体化），这篇文章是解决市场，层级，和类似于中间组织的模式。The question of why there is so much vertical integration remains interesting, but no more so than the question of why there are so many market- (and quasi-market) mediated transactions. “为什么有这么多的垂直一体化”这个问题仍然非常有趣，但是更主要的问题是“为什么有那么多的市场-（和准市场）中间交易”。A discriminating analysis will explain which transactions are located where and give the reasons why. 我们将会使用判别分析解释是哪一种交易位于哪里，以及给出为什么的理由。The overall object of the exercise essentially comes down to this: for each abstract description of a transaction, identify the most economical governance structure-where by governance structure I refer to the institutional framework within which the integrity of a transaction is decided. 这篇文章本质上的主要目标可以归纳为：对于每一种关于交易的抽象描述，识别最经济的治理结构—在这里的治理结构我指的是决定了交易完整性的制度框架。Markets and hierarchies are two of the main alternatives.市场和层级是两种主要的替代物。

Some legal background to the study of transactions is briefly reviewed in Section I. 交易研究的一些法律背景主要在第一部分进行简要回顾。Of the three dimensions for describing transactions that I propose, investment attributes are the least well understood and probably the most important. 我提出的描述交易的三个维度，其中投资的特征是最少被理解的，但可能是最重要的。The special relevance of investments is developed in the context of the economics of idiosyncrasy in Section II. 投资的特殊相关性是在第二部分的经济学的特质中进行研究。A general contracting schema is developed and applied to commercial contracting in Section III. 一般的合约模式在第一部分进行研究，并在第三部分应用于商业的合约中。Applications to labor, regulation, family transactions, and capital markets are sketched in Section IV. 劳动，规则，家族交易，和资本市场的应用在第四部分进行概述。Major implications are summarized in Section V. 第五部分总结主要的启示。Concluding remarks follow.结论紧接着之后。

I. SOME CONTRACTING BACKGROUND一些合约背景

Although there is widespread agreement that the discrete-transaction paradigm-"sharp in by clear agreement; sharp out by clear performance"8-has served both law and economics well, there is increasing awareness that many contractual relations are not of this well-defined kind.9尽管广泛地认可这个离散的交易范式—“通过清晰的协议而产生；通过清晰的绩效发生”——已经很好地服务于法律和经济中，但已逐渐地意识到有很多的合约关系并没有被很好地进行定义。

A deeper understanding of the nature of contract has emerged as the legal- rule emphasis associated with the study of discrete contracting has given way to a more general concern with the contractual purposes to be served对于随着离散合约研究与法律规则重点结合而产生的对合约本质更深入的理解，已经让路于对于合约目的的更普遍的关注。

Ian Macneil, in a series of thoughtful and wide-ranging essays on contract, usefully distinguishes between discrete and relational transactions.11 Ian Macneil ，在一系列有深度的和广泛的关于合约的论文中，有效地去区分离散的和相关的交易。He further supplies twelve different "concepts" with respect to which these differ. 12关于它们的不同，他进一步提供了12个不同的概念。Serious problems of recognition and application are posed by such a rich classificatory apparatus. 这种丰富的分类提出了识别和应用的一些严肃问题。More useful for my purposes is the three-way classification of contracts that Macneil offers in his most recent article, where classical, neoclassical, and relational categories of contract law are recognized. 对这篇文章目标中最有用的是麦克尼尔在他最近文章中提出的合约三种方式的分类，分别是古典的，新古典主义，和关系类别的合约法，并被认可了。

A. Classical Contract Law古典合约法

As Macneil observes, any system of contract law has the purpose of facilitating exchange. 就像Macneil所观察的那样，合约法的任一系统有促进交换的目的。What is distinctive about classical contract law is that it attempts to do this by enhancing discreteness and intensifying "presentiation,"13 where presentiation has reference to efforts to "make or render present in place or time; to cause to be perceived or realized at present."14古典合约法的特色是试图通过优化离散性和增强“陈述”来完成交易，在这儿“陈述”涉及到努力“在出现的地方或时间中去完成或渲染; 在现在去引起感知或认识”。The economic counterpart to complete presentiation is contingent-claims contracting-which entails comprehensive contracting whereby all relevant future contingencies pertaining to the supply of a good or service are described and discounted with respect to both likelihood and futurity.15完成陈述的对应经济人/物是偶然索赔的合约——包含综合的合约，在这儿描述了所有关于货物或服务供应的未来意外事件，和关于可能性和未来性的贴现。

Classical contract law endeavors to implement discreteness and presentiation in several ways. 古典合约法努力以一些方式来落实离散性和陈述。For one thing, the identity of the parties to a transaction is treated as irrelevant. In this respect it corresponds exactly with the "ideal" market transaction in economics.16第一，识别一个交易的当事人被认为是毫不相关的。在这个方面它很精准地符合经济学中“理想的市场交易”。Second, the nature of the agreement is carefully delimited, and the more formal features govern when formal (for example, written) and informal (for example, oral) terms are contested. 第二，协议的本质被仔细地划定了界线，当正式（如，书面）和非正式（如，口头）的条目被提出了质疑时，更正式的特质会来进行治理。Third, remedies are narrowly prescribed such that, "should the initial presentiation fail to materialize because of nonperformance, the consequences are relatively predictable from the beginning and are not openended."17第三，补救措施被狭隘地规定了，由于违约初始陈述未能实现,其后果

是从一开始就可相对地预测，且并不是无限制的”。Additionally, third-party participation is discouraged.18The emphasis, thus, is on legal rules, formal documents, and self-liquidating transactions.此外，不鼓励第三方参与。因此，重点在于法律法规、正式的文件，和自偿性交易。

B. Neoclassical Contract Law新古典合约法

Not every transaction fits comfortably into the classical-contracting scheme. 并不是所有的交易都能很好地满足古典合约方案。In particular, long-term contracts executed under conditions of uncertainty are ones for which complete presentiation is apt to be prohibitively costly if not impossible. 尤其在不确定条件下执行长期合约，完全陈述是非常昂贵的，这不是不可能的。Problems of several kinds arise. 那么，一些问题就出现了。First, not all future contingencies for which adaptations are required can be anticipated at the outset. 首先，并不是所有在将来需要做出应变意外事件都可以事先被预料。Second, the appropriate adaptations will not be evident for many contingencies until the circumstances materialize. 第二，直到情况出现，否则适当的适应对于很多意外之事是不明显的。Third, except as changes in states of the world are unambiguous, hard contracting between autonomous parties may well give rise to veridical disputes when state-contingent claims are made. 第三，除了世界的改变是明确的，当存有正式的索赔时，在自主政党之间的硬性合约可能会出现纠纷。In a world where (at least some) parties are inclined to be opportunistic, whose representations are to be believed?在这个世界上（至少部分）政党倾向于机会主义，那么谁的陈述可以被相信呢？

Faced with the prospective break down of classical contracting in these circumstances, three alternatives are available. 在这些情况下面古典合约的分解，有三个可行的替代方法。One would be to forgo such transactions altogether. 一是放弃这种交易。A second would be to remove these transactions from the market and organize them internally instead. Adaptive, sequential decision making would then be implemented under common and with the assistance of hierarchical incentive and control systems. 第二种是将这些交易从市场中移除，并用组织内部化作为替代。自适应的、序贯决策将在常见分层激励和控制系统的援助下实现。Third, a different contracting relation which preserves trading but provides for additional governance structure might be devised. This last brings us to what Macneil refers to as neoclassical contracting.第三，可能会设计出一种，保存了交易但提供了额外治理结构的不同的合约关系。这最后一种给我们带来了Macneil所涉及的新古典主义合约。

As Macneil observes, "Two common characteristics of long-term contracts are the existence of gaps in their planning and the presence of a range of processes and techniques used by contract planners to create flexibility in lieu of either leaving gaps or trying to plan rigidly."'19就像Macneil 所观察的，“长期合约的两个共同特征：第一，他们的计划中空白的存在，第二，存在合约计划者用以去创建代替留下缺口和试图严格地计划的灵活性，而使用的一系列流程和技术的存在。”Third-party assistance in resolving disputes and evaluating performance often has advantages over litigation in serving these functions of flexibility and gap filling.解决争端和评估绩效的第三方援助，通常对于这些灵活性和填补空白的功能的诉讼有利。Lon Fuller's remarks

on procedural differences between arbitration and litigation are instructive: 朗富勒关于仲裁和诉讼的程序区别的言论具有启发意义：（诉讼会使关系破裂，而仲裁不会）

there are open to the arbitrator . . quick methods of education not open to the courts. 对仲裁员开放。。教育的快速方法对法庭不开放。An arbitrator will frequently interrupt the examination of witnesses with a request that the parties educate him to the point where he can understand the testimony being received. 仲裁员会经常打断对证人审问，要求教育与他到可以理解的点，且能被接受的证词。This education can proceed informally, with frequent interruptions by the arbitrator, and by informed persons on either side, when a point needs clarification. 这个教导可以在非正式的情况下进行, 当某点需要被澄清时，可以被仲裁员、另一方的知情人频繁中断。Sometimes there will be arguments across the table, occasionally even within each of the separate camps.在桌旁有时会有争吵,有时甚至在每个单独的营地争吵。The end result will usually be a clarification that will enable everyone to proceed more intelligently with the case. 最终的结果通常会是一个阐明,这会使大家更明智地进行这个案件。There is in this informal procedure no infringement whatever of arbitrational due process.20在这个非正式的程序中，没有任何的关于仲裁过程的侵权。

A recognition that the world is complex, that agreements are incomplete, and that some contracts will never be reached unless both parties have confidence in the settlement machinery thus characterizes neoclassical contract law. 世界是复杂的、协议是不完全的、一些合约永远不会达成除非双方都有信心解决机械，这些认识是新古典合约法的特点。One important purposive difference in arbitration and litigation that contributes to the procedural differences described by Fuller is that, whereas continuity (at least completion of the contract) is presumed under the arbitration machinery, this presumption is much weaker when litigation is employed.21在仲裁和诉讼中一个重要的且有目的的不同（导致了Fuller所描述的程序上的差异）是,连续性(至少合同的持续性)是在仲裁机械下假定, 当诉讼被采用时这个假设是非常弱的。

C. Relational Contracting 关系合约

The pressures to sustain ongoing relations "have led to the spin-off of many subject areas from the classical, and later the neoclassical, contract law system, e.g., much of corporate law and collective bargaining."22维持持续关系的压力“已导致许多学科领域从古典主义、以及后来的新古典主义、合约法律制度中，繁衍出副产品, 如,许多公司法律和集体谈判”。Thus, progressively increasing the "duration and complexity" of contract has resulted in the displacement of even neoclassical adjustment processes by adjustment processes of a more thoroughly transaction-specific, ongoing- administrative kind.23因此，逐步增加合约的“持续性和复杂性”，已导致了新古典主义的调整过程被更加彻底的特定性交易、持续的行政种类的调整过程所取代。The fiction of discreteness is fully displaced as the relation takes on the properties of "a minisociety with a vast array of norms beyond those centered on the exchange and its immediate processes."24不连续性的谎言可以完全被取代作为建立在小型社会属性上的关系，这个小型社会有一系列超出那些围绕交换和其中间处理过程为核心的规范。By contrast with the neoclassical system, where the reference point for effecting adaptations remains the

original agreement, the reference point under a truly relational approach is the "entire relation as it has developed... [through] time. This may or may not include an 'original agreement'; and if it does, may or may not result in great deference being given it."25与新古典主义系统相比，在这儿影响适应性的参考点仍然是原协议，当它已经发展很好时真实关系方法下的参考点是整个关系；这可能或不可能包括一个原协议，如果是这样的话,可能会或可能不会导致巨大的差异。

239-244翻译（红色字体表示非常不确定的翻译）刘芝兰

II. 特质经济学

Macneil's three-way discussion of contracts discloses that contracts are a good deal more varied and complex than is commonly realized26.麦克尼尔关于合同的三方讨论揭示了合同是一个很好的协议，它比人们对合同的普遍认识更加多变和复杂。It furthermore suggests that governance structures-the institutional matrix within which transactions are negotiated and executed-vary with the nature of the transaction.这进一步表明，治理结构——合约谈判和执行中的制度矩阵——随着交易的本质而变化。But the critical dimensions of contract are not expressly identified, and the purposes of governance are not stated. Harmonizing interests that would otherwise give way to antagonistic subgoal pursuits appears to be an important governance function, but this is not explicit in his discussion.但是并不能明确地识别出合同的关键维度，也没有规定治理的目的。否则，让路给敌对的子目标追求的利益协调似乎是一个重要治理活动（功能），但是在它的讨论中并没有明确这点。

That simple governance structures should be used in conjunction with simple contractual relations and complex governance structures reserved for complex relations seems generally sensible.简单的治理结构结合简单的合同关系使用，复杂的治理结构预留给复杂的合同关系通常是明智的。Use of a complex structure to govern a simple relation is apt to incur unneeded costs, and use of a simple structure for a complex transaction invites strain.使用一个复杂的结构来治理简单的关系，可能会产生不必要的成本，而使用一个简单的结构来治理复杂的交易则需要耗费大量力气，且需随机应变。But what is simple and complex in contractual respects? Specific attention to the defining attributes of transactions is evidently needed.但是在合约方面什么是简单的，什么是复杂的呢？特别注意对交易特性的定义，显然是必要的。

As developed in Section III, the three critical dimensions for characterizing transactions are (1) uncertainty, (2) the frequency with which transactions recur, and (3) the degree to which durable transaction-specific investments are incurred. 第三部分中讨论的，描绘交易特性的三个关键维度是：1）不确定性；2）再次发生交易的频率；3）引发持久的交易专用性投资的程度。Of these three, uncertainty is widely conceded to be a critical attribute27; and that frequency matters is at least plausible28.在这三者中，不确定性是被广泛认可的最关键的属性。The governance ramifications of neither, however, have been fully developed——nor can they be until joined with the third critical dimension: transaction-specific investments.然而，治理既没有也不能被完全发展，直到与第三个关键维度“交易专用性投资”结合。Inasmuch as a considerable amount of the "action" in the study of governance is attributable to investment differences, some

explication is needed.因为作为在治理研究中，归因于投资差异的一个相当多数量的“行动，”是需要一些解释的。

A. General

The crucial investment distinction is this: to what degree are transactionspecific (nonmarketable) expenses incurred.这个关键的投资区别是这样：到何种程度会引发交易专用性（不可流通的）费用。Items that are unspecialized among users pose few hazards, since buyers in these circumstances can easily turn to alternative sources, and suppliers can sell output intended for one order to other buyers without difficulty29.用户中非专用化的项目造成了一些危害，因为在这种环境下的买者很容易转向替代资源，而供给者可以毫无困难地将一个本属于这个订单的商品卖给另一个买家。Nonmarketability problems arise 27when the specific identity of the parties has important cost-bearing consequences. Transactions of this kind will be referred to as idiosyncratic.当交易方的专用身份有重要的成本承载后果时，非适销性（Nonmarketability）问题就出现了。这种类型的交易将被称为特质。

Occasionally the identity of the parties is important from the outset, as when a buyer induces a supplier to invest in specialized physical capital of a transaction-specific kind.有时当事人的身份从一开始就非常重要，因为当一个买者诱导一个供应商投资一个专用性交易的专用性物质资本时。Inasmuch as the value of this capital in other uses is, by definition, much smaller than the specialized use for which it has been intended, the supplier is effectively "locked into" the transaction to a significant degree.因为根据定义，这个资本在其他使用者那的价值，比已经打算专门使用时的价值更小，供应者已经很大程度有效地“锁定”在这个交易上了。This is symmetrical, moreover, in that the buyer cannot turn to alternative sources of supply and obtain the item on favorable terms, since the cost of supply from unspecialized capital is presumably great.30 The buyer is thus committed to the transaction as well.而且这是对称的，对于买者无法转向替代供应来源，并以优惠条件获得这个项目的情况，因为来自非专用性资产的供应成本可能非常大。因此买者也会致力于这个交易。

Ordinarily, however, there is more to idiosyncratic exchange than specialized physical capital. 然而，通常情况下，相比于专用性物质资本，特质交换会更多一些。Human-capital investments that are transactionspecific commonly occur as well. 专用性投资的人力资本投资也常常发生。Specialized training and learning-by-doing economies in production operations are illustrations.在生产经营中的专业化培训和做中学经济也常常发生。Except when these investments are transferable to alternative suppliers at low cost, which is rare, the benefits of the set-up costs can be realized only so long as the relationship between the buyer and seller of the intermediate product is maintained. 除非当这些投资能以很低的成本转手给替代供应商，但这种情况是极少见的，否则只有维持中间产品的买者和卖者的关系，组织成本的效益才有可能给实现。

Additional transaction-specific savings can accrue at the interface between supplier and buyer as contracts are successively adapted to unfolding events, and as periodic contract-renewal agreements are reached. 在到供应商和买者之间交流时，随着事件展开而调整合同，以及达成定期合同续签协议时，其他专用性交易存款会增加。Familiarity here permits

communication economies to be realized: specialized language develops as experience accumulates and nuances are signaled and received in a sensitive way.这里熟悉度允许通信经济学被意识到：专用性语言随着经验的积累发展，细微差别会以一个敏感的方式被标记和接收Both institutional and personal trust relations evolve.制度信任和个人信任关系都在演变。Thus the individuals who are responsible for adapting the interfaces have a personal as well as an organizational stake in what transpires.因此负责适应接口的人会有个人和组织的股份。Where personal integrity is believed to be operative, individuals located at the interfaces may refuse to be a part of opportunistic efforts to take advantage of (rely on) the letter of the contract when the spirit of the exchange is emasculated. Such refusals can serve as a check upon organizational proclivities to behave opportunistically31.个人正直被认为是有效的，当交换的精神被阉割时，处于接口的人可能拒绝成为机会主义努力的一部分来获利于合约文字。这样的拒绝可以作为检验组织发生机会主义行为的倾向。Other things being equal, idiosyncratic exchange relations which feature personal trust will survive greater stress and display greater adaptability. 其他条件相同，以个人信任为特点的特质交换关系将能承受更大的压力，同时表现出更强的适应性。

Idiosyncratic goods and services are thus ones where investments of transaction-specific human and physical capital are made and, contingent upon successful execution, benefits are realized.特质的商品和服务是由交易专用的人力和物力资本组成，一旦成功执行，则能实现效益。Such investments can and do occur in conjunction with occasional trades where delivery for a specialized design is stretched out over a long period (for example, certain construction contracts).这种投资可以，也确实在与专用设计的递送延伸了很长时间的临时交易结合时，出现（例如，某些施工合同）。The transactions that I wish to emphasize here, however, are exchanges of the recurring kind. 然而，我希望在这里强调的交易，是会重复交换的那种。Although large-numbers competition is frequently feasible at the initial award stage for recurring contracts of all kinds, idiosyncratic transactions are ones for which the relationship between buyer and supplier is quickly thereafter transformed into one of bilateral monopoly-on account of the transaction-specific costs referred to above.尽管大量竞争在所有种类的重复合约的初始奖励阶段时常是可行的，但特质交易是那种，买者和卖者间关系在随后会迅速转变为双边垄断，因为上述提到的专用性交易费用。This transformation has profound contracting consequences. 这种转变会有深远的交易后果。

Thus, whereas recurrent spot contracting is feasible for standardized transactions (because large-numbers competition is continuously selfpolicing in these circumstances), such contracting has seriously defective investment incentives where idiosyncratic activities are involved.因此，尽管周期性的现货合约签订对标准交易是可行的（因为大量竞争在这种环境下会不断自我监管），但是这种合约签订有涉及特质活动的严重的缺陷投资奖励。By assumption, cost economies in production will be realized for idiosyncratic activities only if the supplier invests in a special-purpose plant and equipment or if his labor force develops transaction-specific skills in the course of contract execution (or both).根据假设，只有供给者投资一个专用厂房和设备，或者只有他的劳动力在合同执行的过程中开发出交易专用性技巧，特殊活动生产中的成本经济

才会实现。The assurance of a continuing relation is needed to encourage investments of both kinds. Although the requisite incentives might be provided if long-term contracts were negotiated, such contracts are necessarily incomplete (by reason of bounded rationality). Appropriate state-contingent adaptations thus go unspecified.保证持续关系对于鼓励这两种投资来说是必要的。尽管协商长期合约时可能会提供必要的激励，但这种合约必然是不完整的。适当的偶然状态的适应不会去详细制定。Intertemporal efficiency nevertheless requires that adaptations to changing market circumstances be made. 然而跨时期的效率，要求形成对不断变化的市场环境的适应性。

How to effect these adaptations poses a serious contracting dilemma, though it bears repeating that, absent the hazards of opportunism, the difficulties would vanish-since then the gaps in long-term, incomplete contracts could be faultlessly filled in an adaptive, sequential way.如何产生这种适应性造成了严重的合同签订困境，但是值得重申的是，在没有机会主义危害时，这种困难将消失——因为自那以后长期、不完整合约的空白会以一种自适应、连续的方式被完美地填补。A general clause, to which both parties would agree, to the effect that "I will behave responsibly rather than seek individual advantage when an occasion to adapt arises," would, in the absence of opportunism, suffice. 对各方都同意的一般条款，达到的效果是“当调整合约的时机出现时，我会负责地行动，而不是追求个人利益，”即将不会出现机会主义行为，就已经足够了。Given, however, the unenforceability of general clauses and the proclivity of human agents to make false and misleading (self-disbelieved) statements, the following hazard must be confronted: joined as they are in an idiosyncratic condition of bilateral monopoly, both buyer and seller are strategically situated to bargain over the disposition of any incremental gain whenever a proposal to adapt is made by the other party. 然而鉴于一般条款的不可执行性和代理人做出虚假和误导性（自我不相信）陈述的倾向，随之而来必须面对的困境是：当在他们处于双边垄断的一种特质情形时加入，每当一个调整方案是由另一个提出时，买卖双方在对配置任何增加的收益进行议价时，都处于战略性位置。Although both have a long-term interest in effecting adaptations of a joint profit-maximizing kind, each also has an interest in appropriating as much of the gain as he can on each occasion to adapt. 尽管两者长期有兴趣对实现共同利益最大化做出调整，但是每一方也有兴趣尽可能多占用每一方进行调整时的增量。Efficient adaptations which would otherwise be made thus result in costly haggling or even go unmentioned, lest the gains be dissipated by costly subgoal pursuit.否则会形成有效的调整，从而导致昂贵的讨价还价，或者甚至根本不提及，以免收益会因昂贵地追求子目标而浪费。Governance structures which attenuate opportunism and otherwise infuse confidence are evidently needed.可减弱机会主义且能注入信心的治理结构，显然是需要的。

B. Examples 举例

Some illustrations may help to motivate what is involved in idiosyncratic transactions. Specialized physical capital is relatively straightforward.一些例子可能有助于激励特质交易所涉及的内容。专用性物质资本相对比较明确。Examples are (1) the purchase of a specialized component from an outside supplier or (2) the location of a specialized plant in a unique,

proximate relation to a downstream processing stage to which it supplies vital input. 案例如下：（1）购买的专业成分来自外部供应商，或者（2）一个专用性工厂的位置位于一个独特且与下游处理阶段临近的位置，它供应至关重要的输入。

Thus assume (a) that special-purpose equipment is needed to produce the component in question (which is to say that the value of the equipment in its next-best alternative use is much lower), (b) that scale economies require that a significant, discrete investment be made, and (c) that alternative buyers for such components are few (possibly because of the organization of the industry, possibly because of special-design features). 因此，假设（a）需要专用设备来生产有问题的组件（这是说，设备在它的下一个最佳替代使用的价值更低）（b）规模经济需要形成一个显著、离散的投资，且（c）这种组件的替代买者非常少（可能是因为这个行业的组织，可能是因为专业设计的特点）。The interests of buyer and seller in a continuing exchange relation are plainly strong under these circumstances. 在这个持续交换关系中买者和卖者的利益，在这种环境下显然是非常牢固的。

Plant-proximity benefits are attributable to transportation and related flow-process (inventory, thermal economy, and so on) economies. 临近工厂收益归因于运输，以及相关的流动程序（库存、热经济性等等）。A specialized plant need not be implied, but long life and a unique location are. 一个专门的工厂不需要暗示，但是寿命长、且独特的地理位置需要暗示。Once made, the investment preempts the unique location and is not thereafter moveable (except at prohibitive cost). 一旦形成，投资抢占独特的位置，而不是在之后移动（除了成本高昂时）。Buyer and supplier again need to satisfy themselves that they have a workable, adaptable exchange agreement32.买者和卖者需要再次使他们自己满意，他们有一个可行的且是适应性强的交换协议。

Idiosyncratic investments in human capital are in many ways more interesting and less obvious than are those in physical capital. Polanyi's discussion of "personal knowledge" is illuminating: 相对于物质资本，对于人力资本的特质投资会以很多更有趣且不那么明显的方式进行。Polanyi对于“个人知识”的讨论可以阐明：

The attempt to analyze scientifically the established industrial arts has everywhere led to similar results. 科学地分析已有工业艺术的努力，到处导致类似结果。Indeed even in the modern industries the indefinable knowledge is still an essential part of technology. 确实，即使在现代工业中，难以描述的知识仍然是技术的一个重要组成部分。I have myself watched in Hungary a new, imported machine for blowing electric lamp bulbs, the exact counterpart of which was operating successfully in Germany, failing for a whole year to produce a single flawless bulb33. 在匈牙利，我自己看到一个用来吹电灯泡的新的、进口机器，确切地对应，其在德国成功运营，但在一整年中都没能产出一个无瑕疵的灯泡。

And he goes on to observe with respect to craftsmanship that: 他继续对工艺进行观察：an art which has fallen into disuse for the period of a generation is altogether lost.一门艺术，在一代人时期内都停止使用，就会完全消失。It is pathetic to watch the endless efforts——equipped with microscopy and chemistry, with mathematics and electronics——to reproduce a

single violin of the kind the half-literate Stradivarius turned out as a matter of routine more than 200 years ago.看到这无尽的努力——配备显微镜、化学、数学和电子产品——重现一个半文化的Stradivarius的小提琴变成了两百多年前例行的事情，是可悲的。

Polanyi's discussion of language also has a bearing on the argument advanced above that specialized code words or expressions can and do arise in the context of recurring transactions and that these yield economies. Polanyi'对语言的讨论也对上面的管理有影响，专门的编码文字或者是短语能够，也确实在反复出现交易的情境下出现，这也产出了经济。As he puts it, "Different vocabularies for the interpretation of things divide men into groups which cannot understand each other's way of seeing things and acting upon them."35 And subsequently he remarks that: 正如他所说：“解释事情的不同词汇，将人们划分成不同的群体，这些群体不能理解对方看事情和行为的方式。”他接下来说：

To know a language is an art, carried on by tacit judgments and the practice of unspecifiable skills.知道语言是一门艺术，通过不言而喻的判断和非专业化技巧的联系继续下去。.... Spoken communication is the successful application by two persons of the linguistic knowledge and skill acquired by such apprenticeship, one person wishing to transmit, the other to receive, information.口语沟通是通过两个人获取语言知识和技巧的应用，一个人想传递信息，另一个人想接受信息。Relying on what each has learnt, the speaker confidently utters words and the listener confidently interprets them, while they mutually rely on each other's correct use and understanding of these words. 依靠对方所学到的，演讲者自信地说出单词，而听众自信地解释它们，而他们相互依靠彼此正确的使用，来理解这些单词。A true communication will take place if, and only if, these combined assumptions of authority and trust are in fact justified.36 当且仅当这些权威假设和信任的结合实际上是合理的，一个真实的沟通将发生。

Babbage reports a remarkable example of transaction-specific value in exchange that occurred in the early 1800s. Although he attributes the continuing exchange in the face of adversity to values of "established character" (trust), I believe there were other specialized human and physical investments involved as well. In any event, the circumstance which he describes is the following: 巴蓓奇报告了一个，发生在1800s的，关于交换中的专用性交易价值的著名例子。虽然他将面临困境时的不断交换归功于“建立人物”（信任）的价值，我相信这里还包含了其他专用性的人力和物质投资。在任何情况下，他描述的环境如下：

The influence of established character in producing confidence operated in a very remarkable manner at the time of the exclusion of British manufactures from the Continent during the last war.在上一次战争期间英国从大陆制造的排斥期间，建立人物对于产生信任的影响，以一个非常显著的方式运作。One of our largest establishments had been in the habit of doing extensive business with a house in the centre of Germany; but, on the closing of the continental ports against our manufacturers, heavy penalties were inflicted on all those who contravened the Berlin and Milan decrees.我们最大的机构中，有一个已经习惯于，与在德国中心的房子进行广泛的业务，但是，对于我们制造商关闭的大量港口，对那些违背柏林和米兰法令的人施以重罚The English manufacturer continued, nevertheless, to receive orders, with directions how to con sign

them, and appointments for the time and mode of payment, in letters, the handwriting of which was known to him, but which were never signed, except by the Christian name of one of the firm, and even in some instances they were without any signature at all.尽管如此，英国制造商继续接受订单，且标有说明如何仿照他们的签名，约会时间和交易方式，在信件中，其中的笔迹是他所知道的，但是从未签署，除非由公司中一个人的基督教名字签署，甚至在一些情况下，他们没有任何签名。These orders were executed; and in no instance was there the least irregularity in the payments.37 这些订单也被执行了，且在任何情况下支付都是最少的不规则性。

While most of these illustrations refer to technical and commercial transactions, other types of transactions also have an idiosyncratic quality.尽管这些例子指的是技术交易和商业交易，其他类型的交易也有特质品质。Justice Rhenquist refers to some of these when speaking of the general class of cases where "the litigation of an individual's claim of deprivation of a right would bring parties who must remain in a continuing relationship into the adversarial atmosphere of a courtroom"38-which atmosphere he plainly regards as detrimental to the quality of the relationship. Justice Rhenquist在说案例中的一般例子引用了一些，“个人对于被剥夺权利的索赔诉讼会将那些必须保持一段持续关系的当事人，带入一个法庭的对抗气氛中，”——他会明确认为这种气氛有害于关系的质量。Examples that he offers include reluctance to have the courts mediate collective bargaining disputes39 and to allow children to bring suit against parents.40 他提供的案例包括，不愿意有法院来协调集体谈判，允许孩子提出反对他们父母的诉讼。

But surely we must ask what is distinctive about these transactions.但是我们必须要问的是，这些交易有什么与众不同？I submit that transaction-specific human capital is central to each. 我认为交易专用性人力资本对每个都是核心。Why else would it take the Hungarians so long to operate the German light-bulb machine? And what else explains the loss of Stradivarius's craftsmanship? 为什么匈牙利要花费那么长时间来操作德国的电灯泡机器呢? 用什么来解释Stradivarius 制作工艺的遗失呢？Likewise the understanding and trust which evolve between Babbage's transmitter and receiver are valued human assets which, once developed, will be sacrificed with reluctance.同样地，在Babbage的信息发送者和接收者间发展出来的理解和信任是宝贵的人力资产，一旦开发出来，将不会情愿将其牺牲。And the disruption of continuing relationships to which Justice Rhenquist refers occasions concern precisely because there are no adequate substitutes for these idiosyncratic relations.41 Justice Rhenquist提到的持续关系的危害恰恰引起了关注，因为对于这些特质关系没有足够的替代品。

The general argument of this paper is that special governance structures supplant standard market-cum-classical contract exchange when transaction-specific values are great. Idiosyncratic commercial, labor, and family relationships are specific examples. 本文普遍的说法是，当交易专用性价值巨大时，专项治理结构取代了标准的市场-古典合约交换。特质商业、劳动和家庭关系就是具体的例子。

245-250翻译慰春霞

III. COMMERCIAL CONTRACTING

The discussion of commercial contracting begins with a brief statement on economizing.商业合同的讨论从一个关于节约的简单声明开始。The proposed schema for characterizing transactions and their governance is then developed, including the relation of the schema with Macneil's three-way classification of contract.然后开发出了象征交易及其治理的的架构，包括架构与Macneil的三种合同分类的关系。

A、Economizing节约

The criterion for organizing commercial transactions is assumed to be the strictly instrumental one of cost economizing.组织商业交易的标准被认为是节约成本的严格工具之一。Essentially this takes two parts: economizing on production expense and economizing ontransaction costs.实质上，这包括两部分：节约生产成本、节约交易成本。To the degree that transaction costs are negligible, buying rather than making will normally be the most cost-effective means of procurement. Not only can static scale economies be more fully exhausted by buying rather than making, but the supplier who aggregates uncorrelated demands can realize collective pooling benefits as well. 到交易成本可以忽略不计的程度，购买而非制作通常是获取的最具有成本效益的方式。不仅静态规模经济会被购买而非制作完全耗尽，而且集合无关需求的供应商也能意识到集体联营的好处。Since external procurement avoids many of the bureaucratic hazards of internal procurement (which hazards, however, are themselves of a transaction-cost kind),44 external procurement is evidently warranted.因为外部采购避免了内部采购的官僚危害（这种危害，本身就是交易成本的一种），外部采购显然是必要的。

As indicated, however, the object is to economize on the sum of production and transaction costs. 然而，正如所指出的，目标是节约生产和交易成本的总额。To the degree production-cost economies of external procurement are small and/or the transaction costs associated with external procurement are great, alternative supply arrangements deserve serious consideration.外部采购所节约的生产成本很小，与外部采购相关的交易成本很大，应该认真考虑可替代的供应安排。Economizing on transaction costs essentially reduces to economizing on bounded rationality while simultaneously safeguarding the transactions in question against the hazards of opportunism. 本质上，节约交易成本降低了有限理性，同时保障了交易不受机会主义影响。Holding the governance structure constant, these two objectives are in tension, since a reduction in one commonly results in an increase in the other.保持治理结构常数，这两个目标是有拉扯的，因为一个的减少通常导致另一个的增加。

Governance structures, however, are properly regarded as part of the optimization problem. 然而，治理结构，被认为是优化问题的一部分。For some transactions, a shift from one structure to another may permit a simultaneous reduction in both the expense of writing a complex contract (which economizes on bounded rationality) and the expense of executing it effectively in an adaptive, sequential way (by attenuating opportunism). 对于一些交易来说，从一种结构转换到另一种结构，可能会同时减少编写复杂合同的成本（节约有限理性），有效执行它的成本也会随之减少。Indeed, this is precisely the attraction of internal procurement for transactions of a

recurrent, idiosyncratic kind. Not only are market-aggregation economies negligible for such transactions--since the requisite investments are transaction-specific-but market trading in these circumstances is shot through with appropriable quasi-rent hazards. 事实上，这正是经常性、特质性内部采购的交易的吸引。不仅市场聚集经济可以忽略这种交易——因为所需的投资是针对特定交易的——并且这种情形下的市场交易贯穿着准租金的危害。The issues here have been developed elsewhere.47 The object of this paper is to integrate them into a larger contractual framework这里的问题就变成了其他的问题。本文的目标就是将它们整合到一个更大的合约框架里。

Note in this connection that the prospect of recovering the set-up costs associated with specialized governance structures varies with the frequency with which transactions recur.要注意到，恢复设置成本的前景与专门的政府结构相关，且随着交易重复的频率变化。Specialized governance structures are much easier to justify for recurrenttransactions than for identical transactions that occur only occasionally.专门的治理结构更容易适应重复交易，而非只是偶尔发生的相同交易。

B. Characterizing Transactions描述交易

I asserted earlier that the critical dimensions for describing contractual relations are uncertainty, the frequency with which transactions recur, and the degree to which investments are idiosyncratic.早些时候说过，描述交易关系的关键维度是不确定性，重复交易的频率，以及专用性投资的程度。To simplify the exposition, I will assume uncertainty exists in some intermediate degree and focus initially on frequency and the degree to which the expenses incurred are transaction-specific. 为了简化阐述，假设不确定性以适中的程度存在，最初聚焦于交易专用性的开支的频率和程度。The separate importance of uncertainty will then be developed in Section III.D. 不确定性的重要性将在第Ш部分D进行讨论。Three frequency and three investment categories will be recognized. 三个频率和三个投资领域会被认同。Frequency can be characterized as one-time, occasional, and recurrent; and investments are classed as nonspecific, mixed, and idiosyncratic.频率可以被描述为一次性、偶尔、经常；投资可以被分为非特殊、混合和特殊。To further simplify the argument, the following assumptions are made: 为了进一步简化观点，作出以下假设：(1) Suppliers intend to be in business on a continuing basis; thusthe special hazards posed by fly-by-night firm scan be disregarded.（1）供应商想在持续的基础上开展业务；因此可以忽视公司骗人所带来的危害。(2) Potential suppliers for any given requirementare numerous-which is to say thatex ante monopoly in ownership of specialized resourcesis assumed away. （2）每种需求的潜在供应商都很多，也就是说不存在专门资源的事前垄断。(3) The frequency dimension refers strictly to buyer activity in the market.（3）频率维度严格指市场中的买方活动。(4)The investment dimension refers to the characteristics of investments made by suppliers.（4）投资维度指供应商的投资特点。

Although discrete transactions are intriguing-for example, purchasing local spirits from a shopkeeper in a remote area of a foreign country to which one never again expects to visit nor to refer his friends-few transactions have this totally isolated character. 虽然离散交易是引人入胜

的——例如，从一个外国的遥远地区的店主那里买当地的烈酒，这个人永远不会去买第二次，也不会委托他的朋友去买——几乎没有交易是这种完全孤立的状态。For those that do not, the difference between one-time and occasional transactions is not apparent. 对于不是这样的交易，一次性和偶尔性交易就没有明显的区别。Accordingly, only occasional and recurrent frequency distinctions will be maintained.因此，只有偶尔又周期性频率的差别才会维持。The two-by-three matrix shown in Figure I thus describes the six types of transactions to which governance structures need to be matched.表1中的2*3矩阵描述了6种交易，需要有6种治理结构相匹

表1 描述商业交易

C. Governance Structures治理结构

Three broad types of governance structures will be considered: non-transaction-specific, semi-specific, and highly specific. 考虑三种广泛类型的治理结构：非交易专用性，半专用性，高度专用性。The market is the classic nonspecific governance structure within which "faceless buyers and sellers . . . meet . .for an instant to exchange standardized goods at equilibrium prices. 市场是典型的非专用性治理结构，“匿名的买家和卖家…满足…以均衡价格进行即时的标准货物交换。By contrast, highly specific structures are tailored to the special needs of the transaction. 与此相反的是，高度专用性结构是为适应交易的特殊需要而制定。Identity here clearly matters.这时标识很重要。Semi-specific structures, naturally, fall in between.当然，半专用性结构，介于两者之间。Several propositions are suggested immediately. 此时便有几个提议。(1) Highly standardized transactions are not apt to require specialized governance structure.高度标准化的交易往往不需要专门的治理结构。(2) Only recurrent transactions will support a highly specialized governance structure.只有重复交易能支撑起一个高度专用性的治理结构。

(3)Although occasionaltransactions of a nonstandardized kind will not support a transaction-specific governance structure, they require special attention nonetheless.虽然非标准类型的偶尔交易不能支撑起专用性交易的治理结构，但它们需要特别注意。Interms of Macneil's three-way classification of contract, classical contractingpresumably applies to all

standardized transactions (whatever the frequency), relational contracting develops for transactions of a recurring andnonstandardized kind, and neoclassical contracting is needed for occasional,nonstandardized transactions.按照Macneil对合同的三种分类方式，古典合约大概适用于所有的标准化交易（无论频率），关系合约是为重复的和非标准化的交易类型而设立发展，新古典合约则适用于偶尔的、非标准化的交易。

1. Market Governance: Classical Contracting. 1、市场治理：古典合约。Market governance is the main governance structure for nonspecific transactions of both occasional and recurrent contracting. 市场治理是针对偶尔、重复合约的非特定交易的主要治理结构。Markets are especially efficacious when recurrent transactions are contemplated, since both parties need only consult their own experience in deciding to continue a trading relationship or, at little transitional expense, turn elsewhere. 当考虑重复性交易时，市场尤其有效，这是因为双方只需要查阅自己的经验就能决定是否继续维持交易关系，或只需很少的过渡费用。Being standardized, alternative purchase and supply arrangements are presumably easy to work out.因为其标准化，替代采购和供应安排很容易进行。

Nonspecific but occasional transactions are ones for which buyers (and sellers) are less able to rely on direct experience to safeguard transactions against opportunism. 非特殊、但偶尔发生的交易，买家（卖家）不太可能根据直接经验来保障交易不受机会主义损害。Often, however, rating services or the experience of other buyers of the same good can be consulted. 然而，通常可以借鉴对同一产品的服务评分或者其他买家的经验。Given that the good or service is of a standardized kind, such experience rating, by formal and informal means, will provide incentives for parties to behave responsibly.既然该物品和服务属于标准类型，那么正式和非正式的经验评分，将激励另一方对行为负责。

To be sure, such transactions take place within and benefit from a legal framework. But such dependence is not great. 可以肯定的是，这种交易发生在法律框架内部，且可以从中收益。但这种依赖性不大。As S. Todd Lowry puts it, the traditional economic analysis of exchange in a market setting properly corresponds to the legal concept of sale (rather than contract), since sale presumes arrangements in a market context and requires legal support primarily in enforcing transfers of title.正如Todd Lowry说的，市场环境中传统的关于交换的经济分析恰好对应着销售（而不是合约）的法律概念，因为在市场背景下出售假定合同和在执行所有权转让时需要法律帮助。He would thus reserve the concept of contract for exchanges where, in the absence of standardized market alternatives, the parties have designed "patternsof future relations on which they could rely.因此他保留了交换合约的概念，缺乏市场标准化替代时，缔约方设计了“它们可依赖的未来关系模式”。

The assumptions of the discrete-contracting paradigm are rather well satisfied for transactions where markets serve as a main governance mode. 离散承包范式的假设对市场作为主要治理模式的服务更满意。Thus the specific identity of the parties is of negligible importance; substantive content is determined by reference to formal terms of the contract; and legal rules apply. 因此，缔约方的特定身份可以忽略；实质内容参照合约的正式条款确定；法律规则使

用。Market alternatives are mainly what protect each party against opportunism by his opposite.可替代市场主要是保护合约一方不受对方机会主义的损害。Litigation is strictly for settling claims; concentrated efforts to sustain the relation are not made because the relation is not independently valued.诉讼对理赔非常严格，不会做出维持关系的集中努力是因为关系不能独立估计。

2. Trilateral Governance: Neoclassical Contracting. 2、三边治理：新古典主义合约。The two types of transactions for which trilateral governance is needed are occasional transactions of the mixed and highly idiosyncratic kinds. 三边治理需要的交易的两种类型是：混合和高度专用性下的偶尔交易。Once the principals to such transactions have entered into a contract, there are strong incentives to see the contract through to completion.一旦这种交易的负责人签订了合约，就有强烈的动机来完成合约。Not only have specialized investments been put in place, the opportunity cost of which is much lower in alternative uses, but the transfer of these assets to a successor supplier would pose inordinate difficulties in asset valuation.不仅将专业化投资落实到位，用于其他用途的机会成本更低，但将资产转让给下一任供应商时会造成资产估计的困难。The interests of the principals in sustaining the relation are especially great for highly idiosyncratic transactions.负责人维持关系的利益，在高度特殊的交易中尤其高。

Market relief is thus unsatisfactory. Often the setup costs of a transaction-specific governance structure cannot be recovered for occasional transactions. 因此，市场救助是不令人满意的。通常专用性交易治理结构的设置费用不能满足偶尔交易的需要（偶尔交易的收益无法弥补设置专用性交易治理结构而需的费用）。Given the limits of classical contract law for sustaining these transactions, on the one hand, and the prohibitive cost of transactionspecific (bilateral) governance, on the other, an intermediate institutional form is evidently needed.一方面，考虑到古典合约法维持这些交易的局限，以及交易特定（双边）治理的昂贵费用，另一方面，显然需要一个中间治理形式。

Neoclassical contract law has many of the sought-after qualities.新古典合约法有很多广受欢迎的品质。Thus rather than resorting immediately to strict reliance on litigation——with its transaction-rupturing features——third-party assistance (arbitration)in resolving disputes and evaluating peformance is employed instead. 因此，不是立即诉诸诉讼——以其交易破裂特点——而是运用第三方援助（仲裁）解决争端和评估绩效。(The use of the architect as a relatively independent expert to determine the content of form construction contracts is an example.)（使用建筑师作为一个相对独立的专家，来决定形式结构合约，就是一个例子。）Also, the expansion of the specific-performance remedy in past decades is consistent with continuity purposes——though Macneil declines to characterize specific performance as the "primary neoclassical contract remedy.而且，过去几十年中，专用性能补救的扩展与连续性的目的一致——尽管Macneil拒绝将特定性能描述为“原古典主义合约补救”。The section of the Uniform Commercial Code which permits the "seller aggrieved by a buyer's breach …unilaterally to maintain the relation ”is yet another example.统一商法典里面允许“买方因卖方违约而受到损害…单方面维持关系”是另一个例子。

3. Transaction-specific Governance: Relational Contracting. 3、专用性交易治理：关系合约。The two types of transactions for which specialized governance structures are commonly devised are recurring transactions of the mixed and highly idiosyncratic kinds.通常设计的将治理结构特殊化的两种交易类型，在混合和高度特殊时重复发生的交易。The nonstandardized nature of these transactions makes primary reliance on market governance hazardous, while their recurrent nature permits the cost of the specialized governance structure to be recovered.这些交易的非标准性质使得主要依赖市场治理有害，它们的重复特质使得专门治理结构的成本能够收回。

Two types of transaction-specific governance structures for intermediate-production market transactions can be distinguished: bilateral structures, where the autonomy of the parties is maintained, and unified structures, where the transaction is removed from the market and organized within the firm subject to an authority relation (vertical integration).中间产品市场交易的两种专用性交易治理结构类型，可以分为：双边结构：维持合约方的自治；统一结构：交易脱离了市场，企业内的组织服从权力关系（纵向一体化）。Bilateral structures have only recently received the attention they deserve and their operation is least well understood.双边结构最近才得到了应有的关注，其运作至少被很好的理解了。

(a) Bilateral Governance: Obligational Contracting.（a）双边治理：债券承包。Highly idiosyncratic transactions are ones where the human and physical assets required for production are extensively specialized, so there are no obvious scale economies to be realized through interfirm trading that the buyer (or seller) is unable to realize himself (throughvertical integration).高度异质的交易中，进行生产所需要的人和物质资产是广泛专业的，因此不能通过企业间贸易来实现规模经济，买方（或卖方）不能实现自己（通过纵向一体化）。In the case, however, of mixed transactions, the degree of asset specialization is less complete.然而，这样的混合交易案例中，资产专用性程度的完整度更低。Accordingly, outside procurement for these components may be favored by scale-economy considerations.因此，这些组件的外部程序可能得到外部经济考虑的支持。

As compared with vertical integration, outside procurementalso is good in eliciting cost control for steady-state supply.与纵向一体化相比，外部采购在稳定供应的引出成本控制中占优势。Problems, however, arise when adaptability and contractual expense are considered. 然而，考虑到适应性和合约成本时，难题出现了。Whereas internal adaptations can be effected by fiat, outside procurement involves effecting adaptations across a market interface.内部适应会受到命令的影响，外部采购会影响跨越市场接口的适应。Unless the need for adaptations has been contemplated from the outset and expressly provided for by the contract, which often is impossible or prohibitively expensive, adaptations across a market interface can be accomplished only by mutual, follow-on agreements. 除非对适应性的需求从一开始就设想到，并由合同明确规定，这往往是不可能的或昂贵的，跨越市场接口的适应可以仅通过相互的、后续的协议完成。Inasmuch as the interests of the parties will commonly be at variance when adaptation proposals (originated by either party) are made, a dilemma is evidently posed.由于制定适应性建

议（由双方发起）时，各方利益通常会有偏差，显然构成了进退两难的境地。

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On the one hand, both parties have an incentive to sustain the relationship rather than to permit it to unravel, the object being to avoid the sacrifice of valued transaction-specific economies. 一方面，双方都有维持关系，而不是允许它解开的动机，这是避免有价值的特定交易经济体牺牲的激励。On the other hand, each party appropriates a separate profit stream and cannot be expected to accede readily to any proposal to adapt the contract. 另一方面，每一方都占有一个单独的利润流，并不能期望容易地加入任何适应的合同提案。What is needed, evidently, is some way for declaring admissible dimensions for adjustment such that flexibility is provided under terms in which both parties have confidence. 显然，所需要的是通过一些方法来声明，这样的调整是根据灵条款中双方有信心提供的可容许的灵活性大小来进行的。This can be accomplished partly by (1) recognizing that the hazards of opportunism vary with he type of adaptation proposed and (2) restricting adjustments to those where the hazards are least. But the spirit within which adaptations are effected is equally important. 这可以部分通过下述方式完成：（1）随着适应类型的提出，会认识到机会主义变化的危险（2）限制调整那些危害最小的。但在其中的修改被影响的精神也同样重要。

Quantity adjustments have much better incentive-compatibility properties than do price adjustments. For one thing, price adjustments have an unfortunate zero-sum quality, whereas proposals to increase, decrease, or delay delivery do not. 数量的调整比做价格调整的激励相容性要好得多。一方面，价格调整有一个不幸的零和的质量（你要提价，我就降低质量，我们大家都不会挣），而增加，减少或延迟交付的建议却没有。Also, except as discussed below, price-adjustment proposals involve the risk that one's opposite is contriving to alter the terms within the bilateral monopoly trading gap to his advantage. 另外，除了下面所讨论的，价格调整的提议会涉及的风险，是一方的对立面在于设法改变对他有利的双边垄断贸易差距。By contrast, a presumption that exogenous events, rather than strategic purposes, are responsible for quantity adjustments is ordinarily warranted. 相比之下，一种假设认为，外部事件，而非战略目的，与必要的数量调整有关。Given the mixed nature of the exchange, a seller (or buyer) simply has little reason to doubt the representations of his opposite when a quantity change is proposed. 由于交换的混合性质，当提议的数量变化时，卖方（或买方）根本没有理由怀疑他的对立方的表述。

Thus buyers will neither seek supply from other sources nor divert products obtained (at favorable prices) to other uses (or users)-because other sources will incur high setup costs and an idiosyncratic product is nonfungible across uses and users. 因此，买家既不会寻求从其他渠道供应，也没有转移获得的产品（优惠价格）至其他用途（或用户）- 因为其他来源将产生高昂的安装成本和具有特质的产品在用途和用户之间具有不可替代性。Likewise, sellers will not withhold supply because better opportunities have arisen, since the assets in question have a specialized character. 同样，卖家将不会停止供应，因为更好的机会出现了，因为资产有一个专用性的问题。The result is that quantity representations for idiosyncratic products can ordinarily

be taken at face value. Since inability to adapt both quantity and price would render most idiosyncratic exchanges nonviable, quantity adjustments occur routinely.其结果是，具有特质的产品的数量，通常可以通过票面价值表示。由于无法同时调整数量和价格，会致使大多数特质交易不能存活，而数量的调整经常发生。

Of course, not all price adjustments pose the same degree of hazard. Those which pose few hazards will predictably be implemented. Crude escalator clauses which reflect changes in general economic conditions are one possibility. But since such escalators are not transaction-specific, imperfect adjustments often result when these escalators are applied to local conditions. 当然，不是所有的价格调整造成危害的程度都相同。有些危害的造成会被预见。原油扶梯条款，反映总的经济条件的变化是一种可能性。但是，由于这种自动扶梯条款不是特定交易，当这些自动扶梯条款应用于当地条件，往往会造成不完善的调整。We should therefore consider whether price adjustments that are more closely related to local circumstances are feasible. The issue here is whether interim price adjustments can be devised for some subset of conditions such that the strategic hazards described above do not arise. What are the preconditions? 因此，我们应该考虑的是与当地情况更密切相关的价格调整是否是可行。这里的问题是临时调整价格是否可被用于一些小团体的条件，例如，上面描述的战略危险不会出现在一些小团体中。前提条件是什么？

Crises facing either of the parties to an idiosyncratic exchange constitute one class of exceptions. Faced with a viability crisis which jeopardizes the relationship, ad hoc price relief may be permitted. More relevant and interesting, however, is whether there are circumstances whereby interim price adjustments are made routinely. 任何一方面临着一个奇特的汇率危机会构成一类异常。面对这些危害关系的可行性危机，特定价格减免是可以被允许的。更多相关的和有趣的是，是否存在某种情况，临时价格会经常进行调整。The preconditions here are two: first, proposals to adjust prices must relate to exogenous, germane, and easily verifiable events; and second, quantifiable cost consequences must be confidently related thereto. An example may help to illustrate. Consider a component for which a significant share of the cost is accounted for by a basic material (copper, steel).这里有两个前提：第一，建议调整价格必须与外生的、贴切的，而且容易核实的事件相联系；第二，可量化成本的后果，必须确切的与其相关。一个例子可以帮助说明这一点，考虑基本材料的一个组件的一个重要的成本所占的份额(铜、钢)。Assume, moreover, that the fractional cost of the component in terms of this basic material is well specified. An exogenous change in prices of materials would under these circumstances pose few hazards if partial but interim price relief were permitted by allowing passthrough according to formula. A more refined adjustment than aggregate escalators would afford thereby obtains. 假设，此外，按照基本材料，指定组件的部分成本是指定的。当材料价格发生外生变化的情况下，会造成几个危险，如果根据准则进行转移，部分的、临时价格的减少是允许的。相比于总量自动扶梯条款，一个更精致的调整将由此获得。

It bears emphasis, however, that not all costs so qualify. Changes in overhead or other expenses for which validation is difficult and which, even if verified, bear an uncertain relation to