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Abstrak :
Ketertarikan pemerintah pada Kemitraan Pemerintah-Swasta dipicu oleh iming-iming memperoleh fasilitas publik dengan beban yang lebih sedikit pada anggaran pemerintah. Namun, kegagalan demi kegagalan PPP di berbagai belahan dunia memperingatkan pemerintah bahwa PPP bukanlah sebuah silver bullet yang ampuh untuk semua kebutuhan infrastruktur publik. Studi tentang kegagalan PPP biasanya berfokus pada kegagalan setelah proyek telah beroperasi, padahal justru banyak proyek dibatalkan sebelum kontrak ditandatangani. Studi kasus tunggal ini mengeksplorasi lambatnya realisasi proyek PPP Waste to Energy (WTE) di Bandung Besar. Penelitian ini menunjukkan bahwa masalah biaya transaksi, baik politik dan ekonomi, menjadi hambatan utama dalam realisasi proyek. Empat masalah utama biaya transaksi dalam realisasi proyek ini yaitu masalah pengetahuan, koordinasi, risiko dan ketidakpastian, dan kepercayaan. Masalah pengetahuan terkait dengan kurangnya pengetahuan dan penalaman PPP pemerintah yang mengarah pada desain proyek yang tidak lengkap dan ketidakselarasan peraturan. Masalah koordinasi muncul karena banyak pemangku kepentingan yang terlibat yang memerlukan struktur tata kelola yang kompleks, terutama mengingat perubahan kepemimpinan politik. Masalah risiko dan ketidakpastian terkait dengan aset yang sangat spesifik dari WTE. Terakhir, kepercayaan publik pada pemerintah dan swasta rendah karena kurangnya transparansi dan dugaan konspirasi dalam proses penawaran, sedangkan fasilitas berbahaya ini terletak di dekat perumahan.

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The increasing government interest in Public-Private Partnerships is triggered by the lure of obtaining public facilities with a less burden on the government budget. However, many PPP failures in various parts of the world warn the government that PPP is not a silver bullet solution for all public infrastructure needs. Studies on PPP failures usually focus on failures after the project has been in operation, whereas many projects were canceled before the contract is signed. This single case study explores the slow pace of the PPP Waste to Energy WTE projects realization in Greater Bandung. It suggests that transaction costs issues, both political and economic, play a significant role, including knowledge, coordination, risk and uncertainty, and trust problems. The knowledge problems are related to the governments lack of PPP knowledge that leads to the incomplete project design and misalignment of regulations. The coordination problems arise because many stakeholders involved that required a complex governance structure, especially in the light of political leadership changes. The risk and uncertainty problems are related to highly specific assets of WTE increases the risks of private investment because the government support and guarantee to cover the assets and the waste quality was inadequate and regulation changes regarding fees and tariffs would risk the return of the investment. Lastly, public trust in government and private was low due to the lacked transparency and alleged conspiracy in the bidding process, whereas this hazardous facility is located near area residents.

Abstrak :
Abstract A civil servant selection attributes transaction cost. Aim of this conceptual paper is to explain behavior of transaction cost payment from perspective theory of the rationale of economics. This study was conducted by understanding various theories regarding a phenomena of transaction cost payment. This study revealed transaction cost payment as typical self interest and utility maximization (neo-classic rationality), to behave as Al-Nafs Al-Ammarah (Islamic rationality). The transaction cost payment was encouraged by perception, understanding and prior experiences (Keynes rationality), environment (psychology rationality). However, there was a limited scope of information for transaction cost payment (bounded rationality).

Abstrak Seleksi pegawai negeri sering kali memunculkan biaya transaksi. Tujuan dari artikel konseptual ini adalah menjelaskan perilaku membayar biaya transaksi tersebut dalam perspektif teori rasionalitas ilmu ekonomi. Studi dilakukan dengan memaknai berbagai perdebatan teori rasionalitas dan menghubungkannya dengan fenomena membayar biaya transaksi. Hasil studi menunjukkan membayar biaya transaksi sebagai bentuk self interest dan maksimalisasi utilitas (rasionalitas neo-klasik), sebagai perilaku Al-Nafs Al-Ammarah (rasionalitas Islam). Membayar biaya transaksi juga dibentuk oleh persepsi, pemahaman, dan pengalaman perilaku sebelumnya (rasionalitas Keynes), lingkungan (rasionalitas sosiologi), dan kepribadian (rasionalitas psikologis). Di samping itu, terdapat keterbatasan informasi dalam membayar biaya transaksi tersebut (bounded rationality).

Abstrak :
[ABSTRAK
Gerakan Nasional Non Tunai (GNNT) merupakan gerakan yang mendorong dan meningkatkan penggunaan sarana pembayaran non tunai. Salah satu cara industri perbankan mendukung program GNNT adalah dengan cara menempatkan mesin EDC pada toko atau gerai di mall untuk mempermudah masyarakat dalam melakukan transaksi pembayaran non tunai. Permasalahan yang timbul pada implementasi jaringan komunikasi mesin EDC adalah biaya transaksi yang dirasa cukup tinggi dengan menggunakan teknologi General Packet Radio System (GRPS) yang dipakai oleh operator telekomunikasi. Dengan adanya pilihan teknologi koneksi mesin EDC selain menggunakan GPRS, yaitu dengan teknologi wireline (fiber optic) atau wireless (radio link) membuat biaya transaksi komunikasi mesin EDC dapat diturunkan secara signifikan sehingga biaya transaksinya menjadi lebih rendah daripada menggunakan teknologi yang digunakan saat ini (GPRS). Pemilihan penggunaan teknologi diatas harus disertai dengan kebijakan investasi dan operasi yang berbeda, untuk itu pada tesis ini telah dibuatkan sebuah pemodelannya sehingga memudahkan para pemimpin untuk mengambil keputusan. Pemodelan tersebut terdiri dari lima pilihan skenario yang dapat digunakan dalam kondisi jumlah mesin EDC dan payback periode yang berbeda.

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ABSTRACT
National Movement of Non-Cash (GNNT) is a movement that encourages and increases the non-cash payment. One way the industry supports GNNT program is a way to put Electronic Data Capture (EDC) machine at the store or stores in the mall to facilitate the public in non-cash payment transactions. The problems that arise in the implementation of the communication network EDC machine is transaction costs are considered high by using technology General Packet Radio System (GRPS) which is used by telecom operators. With the choice of connection technology EDC machine in addition to using GPRS, ie with technology of wireline (fiber optic) or wireless (radio link) making communication EDC transaction costs can be significantly reduced so that the cost of the transaction to be lower than using a technology that is used today (GPRS ). Selection of use of the above technologies should be accompanied by investment policy and different operations, for it was on this thesis has made a modeling making it easier for leaders to take a decision. The modeling scenario consisted of five options that can be used in a number of EDC conditions and payback periods are different.;National Movement of Non-Cash (GNNT) is a movement that encourages and increases the non-cash payment. One way the industry supports GNNT program is a way to put Electronic Data Capture (EDC) machine at the store or stores in the mall to facilitate the public in non-cash payment transactions. The problems that arise in the implementation of the communication network EDC machine is transaction costs are considered high by using technology General Packet Radio System (GRPS) which is used by telecom operators. With the choice of connection technology EDC machine in addition to using GPRS, ie with technology of wireline (fiber optic) or wireless (radio link) making communication EDC transaction costs can be significantly reduced so that the cost of the transaction to be lower than using a technology that is used today (GPRS ). Selection of use of the above technologies should be accompanied by investment policy and different operations, for it was on this thesis has made a modeling making it easier for leaders to take a decision. The modeling scenario consisted of five options that can be used in a number of EDC conditions and payback periods are different.;National Movement of Non-Cash (GNNT) is a movement that encourages and increases the non-cash payment. One way the industry supports GNNT program is a way to put Electronic Data Capture (EDC) machine at the store or stores in the mall to facilitate the public in non-cash payment transactions. The problems that arise in the implementation of the communication network EDC machine is transaction costs are considered high by using technology General Packet Radio System (GRPS) which is used by telecom operators. With the choice of connection technology EDC machine in addition to using GPRS, ie with technology of wireline (fiber optic) or wireless (radio link) making communication EDC transaction costs can be significantly reduced so that the cost of the transaction to be lower than using a technology that is used today (GPRS ). Selection of use of the above technologies should be accompanied by investment policy and different operations, for it was on this thesis has made a modeling making it easier for leaders to take a decision. The modeling scenario consisted of five options that can be used in a number of EDC conditions and payback periods are different.;National Movement of Non-Cash (GNNT) is a movement that encourages and increases the non-cash payment. One way the industry supports GNNT program is a way to put Electronic Data Capture (EDC) machine at the store or stores in the mall to facilitate the public in non-cash payment transactions. The problems that arise in the implementation of the communication network EDC machine is transaction costs are considered high by using technology General Packet Radio System (GRPS) which is used by telecom operators. With the choice of connection technology EDC machine in addition to using GPRS, ie with technology of wireline (fiber optic) or wireless (radio link) making communication EDC transaction costs can be significantly reduced so that the cost of the transaction to be lower than using a technology that is used today (GPRS ). Selection of use of the above technologies should be accompanied by investment policy and different operations, for it was on this thesis has made a modeling making it easier for leaders to take a decision. The modeling scenario consisted of five options that can be used in a number of EDC conditions and payback periods are different., National Movement of Non-Cash (GNNT) is a movement that encourages and increases the non-cash payment. One way the industry supports GNNT program is a way to put Electronic Data Capture (EDC) machine at the store or stores in the mall to facilitate the public in non-cash payment transactions. The problems that arise in the implementation of the communication network EDC machine is transaction costs are considered high by using technology General Packet Radio System (GRPS) which is used by telecom operators. With the choice of connection technology EDC machine in addition to using GPRS, ie with technology of wireline (fiber optic) or wireless (radio link) making communication EDC transaction costs can be significantly reduced so that the cost of the transaction to be lower than using a technology that is used today (GPRS ). Selection of use of the above technologies should be accompanied by investment policy and different operations, for it was on this thesis has made a modeling making it easier for leaders to take a decision. The modeling scenario consisted of five options that can be used in a number of EDC conditions and payback periods are different.]

Abstrak :
ABSTRACT
Garuda Indonesia (Garuda) is the flag-carrier of Indonesia, that last year (2002) carried 7 million passengers and 134 thousand tons of domestic and international cargo. Following the monetary crisis in 1997, Garuda faced a severe financial problem. This was further exacerbated by government deregulation on airline industry that brought many new entrants mushrooming the domestic sky. With the support of IMF's Letter of Intent (LOI), Garuda went through financial restructuring and turn-around strategy implementation.

Facing fierce competition in its traditional domestic territory, Garuda applied effective marketing mix strategy, particularly in new service culture, brand positioning through intensive media promotion, and dynamic pricing strategy. The three elements of pull strategy have been well-developed, and accordingly customer satisfaction has increased and performance has significantly improved. In addition to pull strategy, Garuda also needs to implement push strategy. It is indeed the current focus of Garuda to stimulate agents to push the products to customers, and to expand to other channels that will deliver more share to it.

The introduction of dynamic pricing h9s considerably affected the ticket selling process from agents to customers, hence, it becomes one of the rationales behind the development of the push strategy. The dynamic pricing attempts to map the right product value to the right consumers at the right price, i.e. a price differentiation/ customisation. Garuda provides high-fare types with high flexibility for time-sensitive consumers like business travelers, and lower-fare types for price-sensitive consumers like leisure travelers. The problem is the objective mismatch between Garuda and its agents. Agents prefer to sell the lower-fare types first because they are easier to sell, which is inconsistent with Garuda's objective to offer the right product value to the right consumers and gaining optimum revenue by doing it. There are three issues to be addressed. Firstly, Garuda needs to identify potential problems with its agents and to resolve it to obtain efficient channel management. Secondly, Garuda needs to evaluate its current channel offering to agents that works as non-financial incentives. Lastly, Garuda needs to incentivise agents through financial incentive program, and bringing their objective to be compatible with Garuda's.

This paper will address the first issue by assessing the channel mix that Garuda has, i.e. justifying the MAKE/BUY decisions of every channel mechanism under Transaction Costs framework, identify several potential conflicts between channels, and offer some means of mitigating them. The latter is applied through clear description of each channel's function, continous communication to all channels, and importantly, centralising all channels management under one department in the Head Office to avoid rampant conflict.

The second issue is approached by analysing current channel offering, i.e. to identify what elements of operational support (as non-financial incentives) Garuda currently lacks and to offer some methods to improve them. Garuda is suggested to improve system reliability by accelerating the interfacing process of the existing system to the new one, to amend sales methodologies and technical assistance by regular visits and routine in-house training, and to align sales and distribution organisation by setting clear delineation of authority and regional representation in Head Office.

The last issue is addressed by recommending an implementation of sliding-scale financial incentives based on ticket value and total volume, over and above the standard commission, to reflect the alignment of agent's reward to the value and volume created for Garuda. A simulation is run for a sample data with some criteria to get a comprehensive incentive scheme. The result is an increase of 0.4% of domestic net revenue (revenue less total standard commission and incentives payment) and of 1.6% of international net revenue within the sample data. A pilot should be implemented in a branch office to ensure smooth operation and monitoring, before launching it nationwide, then to international regions. Overall, the push strategy is pursued in an attempt to increase Garuda's competitive position.

Abstrak :
Nowadays, trade has become more liberalized, tariff has steadily fallen but many of non-tariff barriers (NTBs) to international trade remain or even increase. Regulatory measures such as technical standards on quality offering protection for human, animal, or environment. However, the purpose sometimes blur with the interest of domestic industry. Thus it can be the impediment of trade, which can decrease welfare. Indonesia also has its own standards, the National Standards of Indonesia (SNI). One of the standards is SNI for wheat flour, which application has been mandatory by Government. The purpose of the regulation is to increase nutritious value of society, however to some extent it is intertwined with the purpose of protecting domestic industry by using SNI as technical barriers, even though it is equally imposed to both domestic and foreign producers. This thesis shows that until 2006 the application of mandatory SNI for wheat flour in Indonesia did not act as technical barriers, although this thesis shows that the application of mandatory SNI has caused an increase in production cost and transaction cost of both local and foreign wheat flour producers. The increase in domestic production cost with the raw materials approach calculates only 0.01 percent from total cost of raw material. While the effect of increase in costs for foreign producer, by using quantity of export approach, shows that countries with high export to Indonesia are not strongly affected and they keep on exporting. Increases !n transaction costs come from the certification cost, certification procedures and quality control mechanism. There is around 380% difference in certification fee between domestic and foreign producer. There are also other potential transaction costs that might incur both to domestic producers or importers such as lobbying cost, queuing cost, information cost and even bribery cost. In average, the quantity of imported wheat after the implementation (2002-2006) increased for around forty percent, although during the first two years of the application it experienced a slight decrease. However, the increase in quantity of Imported wheat flour did not very much infiuence its market share in domestic market. Data shows that the market share of imported wheat flour did not experience any increase during 2002-2006. On the other hand, the average productions of domestic industry has fncreased for around fifty percent during 2002-2006, while its market share still take a dominant position with more than eighty percent. Finally, this research show that the increase in production costs and transaction costs due to the application of mandatory SNI is not significance in influencing domestic production/ quantity of import and market share.

Abstrak :
ABSTRACT
The notion that something that cannot be measured does not exist seems to apply to the absence of consideration of culture in economics, where the role of institutions is at the center of the link between the two. Yet, economic prosperity, crisis, and deprivation result from human behavior, reflecting the outcome of social learning a central concept of culture. Institutions and culture interact and evolve in complementary ways. Each can affect the process of exchange and transaction costs, which in turn determine economic performance. Although more work has been done to better understand the interrelation between economics and culture, most falls on deaf ears among mainstream economists, despite the fact that real world cases show the critical role of this interrelation. This paper discusses demonstrates a deficiency of mainstream economics in its disregard of the role of culture and institutions.

Abstrak :
Abstract: Recent growth models have attributed growth to institutional causes. Yet, there is still no consensus within the field on the link between institutions and growth. This thesis utilises existing literature in investigating the link between institutions and growth. The findings reveal that property rights and transaction costs are the most common explanation in the literature. However, it is also found that vast empirical heterogeneities still exist in the literature up to this day that can be attributed to methodological choices

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Recent growth models have attributed growth to institutional causes. Yet, there is still no consensus within the field on the link between institutions and growth. This thesis utilises existing literature in investigating the link between institutions and growth. The findings reveal that property rights and transaction costs are the most common explanation in the literature. However, it is also found that vast empirical heterogeneities still exist in the literature up to this day that can be attributed to methodological choices

Abstrak :
Tesis ini membahas dampak penerapan biaya transaksi dalam rebalancing portofolio periodik yang merupakan gabungan dari reksa dana pendapatan tetap, reksa dana reksa dana ekuitas, dan reksa dana campuran yang alokasi asetnya telah disiapkan sebelumnya melalui pendekatan Kontribusi Risiko Setara. Penelitian dilakukan dengan metode deskriptif kualitatif dengan pendekatan simulasi. Terhadap simulasi penyeimbangan ulang berkala yang dilakukan pada delapan portofolio dengan data pengembalian historis tahun 2013 hingga tahun 2018, ditemukan bahwa strategi rebalancing memberikan manfaat marjinal yang umumnya lebih tinggi daripada tidak menyeimbangkan kembali. Namun, Penelitian juga menunjukkan bahwa strategi rebalancing tidak memberikan perbaikan tingkat pengembalian per bulan atau penurunan tingkat risiko yang signifikan. ......This thesis discusses the impact of applying transaction costs in rebalancing periodic portfolio which is a combination of fixed income mutual funds, mutual funds equity mutual funds, and mixed mutual funds whose asset allocations have been prepared in advance through the Equal Risk Contribution approach. The research was conducted by methods qualitative descriptive with a simulation approach. Against simulation of periodic rebalancing conducted on eight portfolios with 2013 historical return data until 2018, it was found that the rebalancing strategy provided marginal benefits which is generally higher than not rebalancing. However, Research also shows that rebalancing strategies do not provide improvement rate of return per month or a significant reduction in the level of risk.