Transaction cost economics: analysis of an online experience of food sales.
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Abstract
The objective of this article is to estimate the perception of the time invested in food purchases over the Internet, as an approximation of transaction costs. The predictor variables of the consumer's response to the time perception and its level of association with transaction costs are also evaluated. The perception of time spent through different channels such as farmers markets, supermarkets and online was compared with the effective time of these transactions. The information is based on the Stimulus-Organism-Response theory (S-O-R) through the use of structural equations. The data was obtained from 223 surveys of people who made online food purchases through the agrifood products portal of the University of Costa Rica during the period February-November 2019, it was possible to find that the perception of time to buy food online is longer than it really takes. It was also possible to verify that the hedonic variables (pleasure when visiting the website as well as the time invested in the purchase) have a strong relationship with the perception of transaction costs that the food consumer must take into account. The conclusions are presented for its application both from an academic and business point of view.
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