Project Management

The Price Of A Billable Hour: Social Networks Affect Transaction Costs

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Executive Summary

From a sociological perspective, informal social relationships are thought to shape our economic opportunities in ways that impersonal market interactions and formal contractual relationships do not, by providing access to unique information and business arrangements. This embeddedness of individuals within social networks can reduce the uncertainty in and decrease the costs of transactions between individuals, improve differentiation of products, and lead to more rewarding consumption.

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