Modelling Cognitive Transactions for Economic and Accounting Analysis

When knowledge is treated as a fundamental factor of economic activity, the development of methods for assessing its economic value becomes essential. This issue has often been discussed both in the scientific literature and for the managerial practice, but with controversial results. This position paper argues that there is need to reflect on the foundational aspects of the problem, and suggests looking at the way the exchange of knowledge between traders underpins economic transactions and enables the production of economic value. A model of cognitive transaction, representing the way knowledge exchanges have an economic significance per se, is proposed as a starting point of future research on this issue. The critical and open questions of the application of this model, as well as the points of a research agenda, are illustrated.