In this event, Scott Masten, professor of Business Economics and Public Policy at the University of Michigan, provided an overview of transaction cost theory and talked about his research on transaction costs. Professor Masten elaborated on the origins behind transaction cost theory and shed light on its recent advancements. He spoke about how transaction cost theory is applied in many industries such as airlines and fast food production. Professor Masten also touched on how transaction cost theory plays a role in some of his other research including law, economics, and organization - specifically with regard to contracting, vertical integration, and antitrust legislation.