Transaction costs examples. Production and transaction costs

Topic 3. Investment management

Topic 4. Attraction and formation financial resources and capital

Topic 5. Short-term financial policy

Topic 6. Financial planning

Topic 7. Special questions financial management.

Topic 1. Financial management as a management system.

Financial management is a financial management system for economic entities. This system associated with the formation, distribution, use of financial resources, as well as the consolidation of the financial activities of an economic entity.

Theoretical basis financial management are the basic concepts of financial management:

1. time value of money concept
2. concept cash flows
3. concept of trade-off between return and risk
4. the concept of agency relations (means the transfer of management functions to hired managers)
5. cost of capital concept
6. theory of dividend policy

The main goal of financial management is to ensure the maximization of the wealth of the company's owners by ensuring the growth of the company's market value.

Financial policy of the organization and its elements.

This is a set of targeted actions of companies using financial relations. Includes the following elements:

1. accounting policy
2. credit policy
3. cash management policy
4. cost management policy
5. dividend policy

Organizational structure of financial management.

It is an interconnected set of internal structural services and divisions that provide development and adoption management decisions on financial issues.

Information support for financial management – ​​legislative and regulatory documents, as well as internal documents.

Topic 2. Cash flow assessment

2.1. Cash Flow Determination

2.2 Methods for calculating cash flow by type of activity

2.3 Cash flow management

2.4 Cash budgeting

2.1. Three important financial indicators :

1. revenue from product sales– income from sales of products for this period time

2. Profit= sales income – expenses accrued on products sold.

3. Cash flow (cash flow)– the difference between all funds received and paid over a certain period of time.

The company prepares a cash flow statement in the context of 3 types of activities:

1. primary activity
2. investment activities
3. financial activities

Cash flows from core activities

Cash flows by investment activities

Cash flows from financing activities

The company currently prepares a cash flow statement using direct method and indirect calculation method.

Cash flow management includes:

1. cash flow accounting
2. analysis of cash flows in the context of 3 types of activities
3. cash budget status

2.4 Cash budgeting is the preparation of estimates of expected receipts and payments of funds for a certain period of time.

Cash shortage.

The reasons for the cash shortage can be internal and external.

In accordance with international accounting standards and current practice for preparing reports on the movement of de gentle means two main methods are used - indirect and straight. These methods differ in the completeness of the presentation of data on the company's cash flows, the initial information for developing reporting and other parameters.

1. Direct method based on cash flow analysis on the accounts of the enterprise and allows you to analyze the main sources of inflow and direction of outflow of funds, you show the structure of cash flows for each type of activity, establish the relationship between sales and cash proceeds during the reporting period. These funds do not take into account when calculating profit. These include: depreciation, capitalexpenses, taxes; fines, debt payments, borrowed and advanced funds.

Operating activities net cash flow (NPP) is calculated as follows:

NDP(OD) = B + AVP + PPOD - SM - SOT - NALPL - DRIVE, (6.4.)

where B is revenue from sales of products (works, services); AVP - advances received from buyers and customers; PPOD - the amount of other receipts from buyers and customers; SM - the amount of funds for purchased inventory items; SOT - the amount of remuneration for the company's personnel; NALPL - the amount of tax payments to the budget and extra-budgetary funds; PRVOD - other payments in the course of operating activities.

A form for generating a report using the direct method, which allows take into account the company's accounts, presented in table 6.2.

Table 6.2. Statement of cash flows of an enterprise (direct method)

Account transactions	Accounts					Total
				Others
1. Cash balance at the beginning of the period
2. Cash by core activity
2.1. Receipts
Revenues from sales products (works, services) (62)
Advances received from buyers (62)
Settlements with accountable persons (71)
Other supply (68, 69, 70, 76)
2.2. Consumption
Payment for raw materials and materials(60)
Wages of workers and employees (70)
Contributions to the budget and extra-budgetary funds (68 69)
Other expenses (20,23, 25, 26, 71, 91)
3. Cash byinvestment activities
3.1. Receipts
Implementation of long-term assets (91)
3.2. Consumption
Long-term investments and investments (01, 04, 08, 58)
4. Cashfinancial activities
4.1. Receipts
Receipt of loans and loans (66.67)
Issue of shares (75)
4.2. Consumption
Repayment of loans and loans(66,67)
Share repurchase (75)
5. Total moneyflow of all types
6. Cash balanceat the end of the period

2. Indirect method is aimed at obtaining data characterizing the net financial flow of the enterprise in reporting period. The source of information for developing statements of cash flows of an enterprise using this method is the balance sheet and the income statement.

Calculation of net cash flow by indirect method is carried out by type economic activity of the enterprise as a whole. It is based on analysis of balance sheet items and financial performance statements, which allows you to show the relationship between different types actively stity, establish the relationship between net profit and changes in the assets of the enterprise for the reporting period.

Calculation of net cash flow from operating activities The indirect method is carried out by appropriately adjusting net profit by the amount of depreciation (AM) and changes: in inventories (ΔZAP); accounts receivable (ΔDBZ); accounts payable femininity (ΔCRZ); financial investments (ΔFV); deferred income (ΔDBP); reserves for upcoming expensesDov and payments (ΔRPP); advances received (ΔAVP); issued advances (ΔАВВ); deferred expensesΔRBP.

NDP(OD) = NPR(OD) + AM + ΔZAP + Δ DBZ + ΔKRZ + ΔFV + ΔDBP + ΔРПП + ΔАВП + ΔАВВ+ ΔРБП (6.5.)

Using the indirect method of calculating cash flows funds allows you to determine the potential for the enterprise to form the main internal source financing your development - net financial flow for operating and investment scientific activity, as well as identify the dynamics of all factors influencing its formation (Table 6.3).

Table 6.3.Main features taken into account when assessing cash flows funds by indirect method by type of activity

Kind of activity (main balance sheet items, activities)	Impact on cash flow
1. Main activity
Net profit (reporting profit period minus tax on true story)	With an increase in net profit gentle remedies increase
Depreciation deductions	They do not cause an outflow of funds, they are added to the amount net profit
Current assets	Increase in the main components of current assets: inventories and debtors debt leadsto a decrease in funds
Kind of activity (main balance sheet items,used for characterization activities)	Impact on cash flow
Current responsibility	Increase in accounts payable and other current liabilities leads to an increase in cash due to deferred payments from creditors, receipt of advances from buyers
2. Investment activities
Investing in long-term assets (fixed assets; unfinished capital investments; others outsidecurrent assets)	Increasing the amount of long-term accrualstives leads to a decrease in detender funds at the expense of investmentsinvestment in non-current assets
Sale of long-term assets	When implementing long-term assetsWWII cash increase
3. Financial activities
Long-term and short-term loans dits	Increase in debt for these liability items leads to an increasemoney at the expense ofattraction of loans
Authorized capital	Increasing equity capital by placing additional sharestions leads to an increase in money funds
Target revenues	Increasing target revenues leads To increase in cash funds
Profit of the reporting period	Share repurchases and dividend payments reduce cash flow

With the indirect method, the financial result is transformed through a series of adjustments to the amount of change in monetary funds for the period. The adjustment is made in stages.

At the first stage, a correspondence is established between fi financial result and own working capital.

To do this, the impact on the financial result of the operation is eliminated. calculation of depreciation and operations related to the disposal of long-term assets. When calculating depreciation, the share of amor tization deductions are applied to the cost of production. Since a decrease in profits as a result does not lead to the reduction of funds to obtain the real value cash amounts of accrued depreciation (turnover on the credit of accounts 02, 05) must be added to retained earnings. The disposal of fixed assets and other non-current assets causes a loss in the amount of their residual value, which is recorded in account 91-2 and then written off to reduce the financial result in the debit of accounts 91 “Other income and expenses” and 99 “Profits and losses”. For the amount of money this operationthe walkie-talkie has no effect, since the outflow of funds was significantpreferably earlier - at the time of acquisition of these assets. SledovaIn other words, the amount of loss is equal to the under-depreciated cost must be added to the profit amount.

At the second stage of adjustment, compliance is established changes in own working capital and cash, a change is identified for each item of working capital and it is reflected in the cash position. For this purpose, each home active account (for example, 62 “Settlements with customers and for customers"), the amount of loan turnover is calculated:

OK = OD + Sn - Sk, (6.6.)

where OK, OD - turnover on debit and credit of the account; Sn, Sk - balance at the beginning and end of the period.

If Sk > Sn, then the amount of profit must be reduced by the amount (Sk - Sn).

Accordingly, for each passive account (for example, 02“Depreciation of fixed assets”), if Sk > Sn, then the value profit increases by this amount (Sk - Sn), the real outflow will be less by the difference (Sk - Sn).

Such adjustments are made for all types of activities. Although this is a labor-intensive process, such adjustment tables contain valuable management information. With their help, you can monitor your current solvency and assess the possibility of additional investments.

In practice, most enterprises use indirect method. This is due to the fact that it is somewhat simpler than the straight one. Information necessary to fill out the articles in the “Operation” section rational activity" cash flow statement it is better to represent it using an indirect method, and quality losses are predominantthe information delivered is minimal. Besides he gives a clear picture of changes in working capital enterprises

3. Cash flow from financing activities.

It characterizes the receipts and payments of funds associated with attracting additional or share capital, obtaining loans and borrowings, payment in cash of dividends on deposits to the owners of the enterprise and some other cash flows associated with the implementation of external financing of the economic activities of the enterprise.

Within individual species economic activities of an enterprise, cash flows can also be classified according to the directions of cash flow:

· Positive cash flow (cash inflow) characterizes the totality of all types of cash receipts.

· Negative cash flow (cash outflow) characterizes the totality of cash payments. The interrelation of these types of cash flows is manifested in the fact that the insufficiency of the volumes over time of one of these flows causes subsequent reductions in the volumes of another type of these flows.

· Gross cash flow characterizes the difference (balance) between positive and negative cash flows in the period of time under consideration. Net cash is the most important result of the financial activity of an enterprise, largely determining the financial balance and the rate of increase in its market value.

The main goal of developing a plan for the receipt and expenditure of funds is to forecast over time the gross and net cash flows of the enterprise in terms of individual types of activities and ensure the constant solvency of the enterprise at all stages of the planning period.

The DDS plan is developed for the coming year month by month to ensure that seasonal fluctuations in the enterprise's cash flows are taken into account. A plan for the receipt and expenditure of funds is developed at the enterprise in the following sequence.

At stage I, the receipt and expenditure of funds from the operating activities of the enterprise is forecast, since a number of performance indicators of this plan serve as the initial prerequisite for the development of its other components.

At stage II, planned indicators of cash flows from investment activities are developed (taking into account cash flow from operating activities).

At stage III, the cash flows of the financial activities of the enterprise are calculated, which is designed to provide sources of external financing for operating and investment activities in the planning period.

At stage IV, gross and net cash flows are forecast, as well as the dynamics of cash balances for the enterprise as a whole.

First stage

Forecasting the receipt and use of funds from the operating activities of an enterprise is carried out in two ways:

· Based on the planned volume of product sales (direct method);

· Based on the planned target amount of net profit (indirect method);

When planning cash flows for operating activities, the influence of such indicators as “increase in current liabilities”, taken into account in cash inflows, and “increase in current assets”, taken into account in costs, is taken into account.

The need to calculate indicators for the growth of current assets and the growth of current liabilities in financial planning is due to the fact that when developing a DDS plan, these indicators are considered, respectively, as the expenditure of funds to create stocks of raw materials, materials in connection with the volume of product sales (growth of current assets) and as additional sources financial resources in the form of accounts payable (increase in current liabilities).

Calculation of the planned amount of net cash flow is carried out according to the following formula:

NDP pl = PDS pl – RDS pl,

NDP pl – the planned amount of net cash flow in the period under review;

PDS pl - the planned amount of cash receipts from the sale of products;

RDS pl – the planned amount of expenditure of the enterprise’s funds.

Second phase

Forecasting the receipt and use of funds from the investment activities of an enterprise, the basis for calculation is:

1. Real investment program, characterizing the volume of investment of funds in terms of individual projects being carried out or planned for implementation investment projects.

2. A portfolio of long-term financial investments designed for formation.

3. The estimated amount of cash receipts from the sale of fixed assets, intangible assets. This calculation should be based on a plan for their renewal.

4. The planned amount of investment profit in the form of dividends and interest receivable.

Calculations are summarized within the framework of the positions provided for in the standard for the statement of cash flows of an enterprise for investment activities.

Third stage

Forecasting the receipt and use of funds for the financial activities of an enterprise is carried out on the basis of the company's need for external financing, determined by its individual elements. The basis of these calculations is:

1. The planned volume of issue of own shares or attraction of additional share capital. The cash flow plan includes only that part of the additional issue of shares that can be sold in the coming period.

2. The planned volume of attracting long-term and short-term loans and borrowings.

3. The amount of expected receipt of funds in the form of gratuitous targeted financing. These indicators are included in the DDS plan based on approved state budgets or corresponding budgets of other bodies.

4. Amounts of upcoming payments in the planning period of the principal debt on loans and borrowings. These indicators are calculated on the basis of specific loan agreements with banks and other lenders.

5. Estimated volume of dividend payments to shareholders. This calculation is based on the planned amount of net profit of the enterprise and its dividend policy.

Indicators of the developed plan for the receipt and expenditure of funds serve as the basis for operational planning various types cash flows of the enterprise. The formats of the DDS plan may be different, but in all cases the indicators of the DDS plan are mutually related to the form of the D&R plan, the capital investment plan and the credit plan.

Since in practice most indicators are difficult to predict with sufficient accuracy, in practice this cash flow planning technique is simplified.

1. Determine the most important indicators, which will be set in the DDS plan as targets (the size of the minimum and maximum final balance by month).

2. Establish three types of sources of funds:

· From operations (with the allocation of prepayment, cash sales, receipts for products shipped earlier);

· External financing (loans and investments);

· Other sources (advances, income from participation in other types of activities other than the main activity).

3. Predict the receipt and expenditure of funds from the operating activities of the enterprise, since a number of performance indicators of this plan serve as the initial prerequisite for the development of its other components.

4. Detail the items of sources of funds of each type, highlighting the most important items (breakdown of receipts

2. Characteristics of annual financial plans

Current system financial planning activity of the enterprise is based on the development of a financial strategy and financial policy on certain aspects of financial activity and long-term financial plan. Hence, ongoing financial planning is implemented.

The result of current financial planning is the development of three main documents:

1. profit and loss plan;

2. cash flow plan;

3. planned balance.

All three planning documents are based on the same initial data, correspond with each other and are developed in a certain sequence.

Current financial planning documents are developed for a period of one year, broken down by quarter.

The initial data for developing annual financial plans are:

· financial strategy enterprises and target strategic standards for the main areas of financial activity for the coming period;

· results financial analysis for the previous period;

· planned volumes of production and sales of products and other economic indicators of operational production and economic activity;

· a system of norms and standards for the costs of individual resources developed at the enterprise;

· current taxation system;

· applied methods for calculating depreciation charges;

· average interest rates on financial market.

Development of financial plans in real life is preceded by a lot of analytical work, which is associated with determining the strategic parameters of the company’s activities, with extensive marketing research, with planning the production program, production costs, etc.

In market conditions, the first indicator with which planning must begin is sales volume (volume of products sold).

Transaction costs (Transaction costs) are costs that are not directly related to the production of products (costs of raw materials, wages, materials, transportation, etc.), and with the indirect costs associated with this production for collecting and searching for all the information necessary for the activity, concluding various transactions, contracts, agreements, etc.

This term was first introduced by the American economist R. Coase in his work “The Nature of the Firm” in 1937, which later became a laureate Nobel Prize in economics specifically for the study of transaction costs in 1991.

There are several types of transaction costs. Let us list the most important of them.

1. Costs of searching for information. This refers, first of all, to the costs associated with finding counterparties for business and other transactions, as well as the search for the most favorable conditions in terms of price, purchase and sale. Before concluding the necessary transaction, an economic agent collects the necessary information about the counterparty (for example, Insurance Company, before insuring your life, will require from you many certificates about your state of health, and will also check their accuracy). Prices for the same good can differ significantly in different markets, and each of us knows that people with lower incomes, before buying the necessary goods, will first visit several stores and markets in search of a low price.
2. Costs of concluding a business agreement (contract). It takes money and time to reach the necessary agreement between the parties. For example, let's say you're about to publish a detective novel you've written. You will need a knowledgeable agent to handle all the necessary negotiations with the publisher, so funds will be required to pay the agent's services. The negotiations themselves will take some time. And finally, signing the long-awaited contract, as well as a friendly dinner with the publisher, will also be transaction costs of concluding a contract.
3. Measurement costs. All goods have various properties that bring utility to their owner. For example, you are going to buy a fur coat. Before making a purchase, you need to make sure of the quality of the fur, coloring, tailoring, etc. Before making a choice, a picky buyer will wrinkle the fur, shake the fur coat, try to pull out the lint, and maybe even smell it in order to determine the quality of the workmanship. IN in this case measurement costs make purchasing difficult for those who do not have product knowledge. Minimizes measurement costs such a property as trademark(brand) of any well-known company, but in this case no one is safe from counterfeiting. Also, measurement costs are associated with the purchase of measuring equipment (calculators, scales, dosimeters, cash registers, etc.).
4. Costs of specification and protection of property rights. It may be noted that any specification, as well as the protection of property rights, is associated with precise definition object or subject of property, law enforcement agencies, the functioning of the judicial system, etc. As a striking example, we can consider the activities of many private small businesses in the recent past of Russia. In fact, the private property rights of any company must be protected by the state, as in any civilized country in the world with a developed market economy. But, if for some reason the state does not cope with this task in full, then private business resorts to alternative means of protecting its property. In other words, companies resort to searching for so-called “roofs” that perform security functions for a fee.
5. Costs of opportunistic behavior. Those. costs associated with dishonesty and deception, concealment of information that economic agents may encounter in their activities.

   For example, identifying and punishing a dishonest counterparty who violates the terms of the contract entails considerable costs. Costs are also required to protect oneself from such opportunistic behavior. For example, in currency exchange offices and cash desks of many financial and credit institutions there are special devices for detecting counterfeit banknotes. When purchasing honey, connoisseurs must check it with a special chemical pencil. Dipping a pencil into honey, a person looks at the reaction: when colored in purple we can conclude that the honey is not real.

Transaction costs permeate the entire sphere of economic life of society. We all face similar costs at every step, sometimes without realizing it. Scientists often compare transaction costs in economics and friction in physics, drawing an analogy between them. American economist D. Stigler wrote that “ the world with no transaction costs is as strange as the physical world with no frictional forces».

R. Coase argued that if all of the above types of transaction costs were suddenly absent, then nothing could interfere with the completion of transactions (transactions) and, as a result, eternity would be lived in a matter of fractions of a second. Exchange operations would happen instantly, because no time would be spent on searching for this or that information the slightest fraction resources.

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Volchik V.V.

1. Concept and types of transactions

The concept of transaction was first introduced into scientific circulation by J. Commons.

A transaction is not an exchange of goods, but the alienation and appropriation of property rights and freedoms created by society. This definition makes sense (Commons) because institutions ensure that the will of an individual extends beyond the area within which he can influence environment directly by their actions, i.e. beyond the scope of physical control, and therefore turn out to be trans-actions in contrast to individual behavior as such or the exchange of goods.

Commons distinguished three main types of transactions:

1) Transaction transaction - serves to carry out the actual alienation and appropriation of property rights and freedoms and its implementation requires mutual consent of the parties, based on the economic interest of each of them.

In the transaction, the condition of symmetrical relations between counterparties is observed. Distinctive feature The transaction of the transaction, according to Commons, is not production, but the transfer of goods from hand to hand.

2) Management transaction – the key here is the management relationship of subordination, which involves such interaction between people when the right to make decisions belongs to only one party. In a management transaction, behavior is clearly asymmetrical, which is a consequence of the asymmetry of the position of the parties and, accordingly, the asymmetry of legal relations.

3) Rationing transaction - in this case, the asymmetry of the legal status of the parties is preserved, but the place of the managing party is taken by a collective body that performs the function of specifying rights. Rationing transactions include: the preparation of a company budget by the board of directors, the federal budget by the government and approval by a representative body, the decision of an arbitration court regarding a dispute arising between operating entities through which wealth is distributed. There is no control in the rationing transaction. Through such a transaction, wealth is allocated to one or another economic agent.

The presence of transaction costs makes certain types of transactions more or less economical depending on the circumstances of time and place. Therefore, the same operations can be mediated various types transactions depending on the rules that they order.

2. The concept of transaction costs

Criticism of the position of neoclassical theory that exchange occurs without costs served as the basis for introducing economic analysis new concept - transaction costs.

The concept of transaction costs was introduced by R. Coase in the 30s in his article “The Nature of the Firm.” It has been used to explain the existence of hierarchical structures that are antithetical to the market, such as the firm. R. Coase associated the formation of these “islands of consciousness” with their relative advantages in terms of saving on transaction costs. He saw the specifics of the company's functioning in the suppression of the price mechanism and its replacement with a system of internal administrative control.

Within the framework of modern economic theory, transaction costs have received many interpretations, sometimes diametrically opposed.

Thus, K. Arrow defines transaction costs as the costs of operating an economic system. Arrow compared the effect of transaction costs in economics with the effect of friction in physics. Based on such assumptions, conclusions are drawn that the closer an economy is to the Walrasian general equilibrium model, the lower its level of transaction costs, and vice versa.

In D. North’s interpretation, transaction costs “consist of evaluation costs useful properties the object of exchange and the costs of ensuring rights and enforcing their observance.” These costs inform social, political, and economic institutions.

In the theories of some economists, transaction costs exist not only in market economy(Coase, Arrow, North), but also in alternative ways economic organization and in particular in a planned economy (S. Chang, A. Alchian, Demsets). So, according to Chang, maximum transaction costs are observed in a planned economy, which ultimately determines its inefficiency.

2. Typology of transaction costs Transaction and transformation costs

In the economic literature there are many classifications and typologies of transaction costs. The most common typology is the following, which includes five types of transaction costs:

1. Costs of searching for information. Before a transaction is made or a contract is concluded, you need to have information about where you can find potential buyers and sellers of the relevant goods and factors of production, what are the prevailing conditions this moment prices. Costs of this kind consist of the time and resources required to conduct the search, as well as losses associated with the incompleteness and imperfection of the acquired information.

2. Negotiation costs. The market requires the diversion of significant funds for negotiations on the terms of exchange, for the conclusion and execution of contracts. The main tool for saving this kind of costs is standard (standard) contracts.

3. Measurement costs. Any product or service is a set of characteristics. In the act of exchange, only some of them are inevitably taken into account, and the accuracy of their assessment (measurement) can be extremely approximate. Sometimes the qualities of a product of interest are generally immeasurable and to evaluate them one has to use surrogates (for example, judging the taste of apples by their color). This includes the costs of appropriate measuring equipment, the actual measurement, the implementation of measures aimed at protecting the parties from measurement errors and, finally, losses from these errors. Measurement costs increase with increasing accuracy requirements.

Enormous savings in measurement costs have been achieved by mankind as a result of the invention of standards for weights and measures. In addition, the goal of saving these costs is determined by such forms of business practices as warranty repairs, branded labels, purchasing batches of goods based on samples, etc.

4. Costs of specification and protection of property rights. This category includes the costs of maintaining courts, arbitration, government bodies, the expenditure of time and resources6 necessary to restore violated rights, as well as losses from their poor specification and unreliable protection. Some authors (D. North) add here the costs of maintaining a consensus ideology in society, since educating members of society in the spirit of observing generally accepted unwritten rules and ethical standards is a much more economical way to protect property rights than formalized legal control.

5. Costs of opportunistic behavior. This is the most hidden and, from the point of view of economic theory, the most interesting element of transaction costs.

There are two main forms of opportunistic behavior. The first is called moral hazard.

Moral hazard occurs when one party to a contract relies on another party, and obtaining actual information about his behavior is costly or impossible. The most common type of opportunistic behavior of this kind is shirking, when the agent works with less efficiency than is required of him under the contract.

Particularly favorable conditions for shirking are created in conditions of joint work by a whole group. For example, how to highlight the personal contribution of each employee to the overall result of activities<команды>factory or government agency? We have to use surrogate measurements and, say, judge the productivity of many workers not by results, but by costs (such as labor time), but these indicators often turn out to be inaccurate.

If the personal contribution of each agent to the overall result is measured with big mistakes, then his remuneration will be weakly related to the actual efficiency of his work. Hence the negative incentives that encourage shirking.

In private firms and government agencies, special complex and expensive structures are created whose tasks include monitoring the behavior of agents, detecting cases of opportunism, imposing penalties, etc. Reducing the costs of opportunistic behavior is the main function of a significant part of the management apparatus of various organizations.

The second form of opportunistic behavior is extortion. Opportunities for it appear when several production factors long time They work in close cooperation and get used to each other so much that everyone becomes indispensable and unique to the other members of the group. This means that if some factor decides to leave the group, then the remaining participants in the cooperation will not be able to find an equivalent replacement on the market and will suffer irreparable losses. Therefore, the owners of unique (in relation to a given group of participants) resources have the opportunity for blackmail in the form of a threat to leave the group. Even when<вымогательство>remains only a possibility, it always turns out to be associated with real losses (The most radical form of protection against extortion is the transformation of interdependent (interspecific) resources into jointly owned property, the integration of property in the form of a single bundle of powers for all team members).

The above classification is not the only one; for example, there is also the classification of K. Menard:

1. Isolation costs (similar to 5 (shirking).