On the Leading Edge… or Behind the Curve?
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Cost Reduction through Standardization
“Standardization can lead to lower transaction costs in the economy as a whole, as well as to savings for individual business.”
The interviews with representatives of major firms as well as small- and medium-sized companies revealed that the costs of developing standards are not easily quantified. However, the businesses interviewed rated the positive effect on transaction costs as positive, noting that transaction costs drop considerably as a result of standards since they make information easily accessible to all interested parties.
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