On October 19, 2023, Univ.-Prof.Dr.Holger Muehlenkamp, rector of the German University of Administrative Sciences Speyer, Germany, gave a guest lecture to bachelor students in the public administration program of NUM with the title “Role of Transaction Cost in Public Procurement.” The lecture was built on the social cost theory developed by Oliver Williamson, an economist and Nobel Prize winner.
It addresses the basic question of whether the state should produce it itself or leave it to the private sector. Transaction costs are costs such as information and preparation costs, negotiation costs, contract costs, and costs that can arise subsequently due to unforeseen risks. Therefore, it plays an important role in the awarding of public contracts.
It was the fifth visit of the Univ.-Prof.Dr.Holger Muehlenkamp, who was recently awarded the “Friendship” medal from the President of Mongolia for his contribution to the deepening and development of international friendly relations and cooperation between NUM and the German University of Administrative Sciences Speyer, Germany.
We are expressing our sincere gratitude to Univ.-Prof.Dr.Holger Muehlenkamp for his contribution to the cooperation agreements of two universities.
Department of Public Administration
School of Political Science, International Relations, and Public Administration
National University of Mongolia
