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Claude Menard - One of the best experts on this subject based on the ideXlab platform.

  • Handbook of New Institutional Economics - Handbook of New Institutional Economics
    2020
    Co-Authors: Claude Menard, Mary M. Shirley
    Abstract:

    INTRODUCTION.- THE DOMAIN OF New Institutional Economics: Institutions and the Performance of Economies over Time - Douglass C. North.- The Institutional Structure of Production - Ronald Coase.- Transaction Cost Economics - Oliver E. Williamson. POLITICAL INSTITUTIONS AND THE STATE: Electoral Institutions and Political Competition: Coordination, Persuasion and Mobilization - Gary Cox.- Presidential versus Parliamentary Government - John Carey.- Legislative Process and the Mirroring Principle - Matthew McCubbins.- The Performance and Stability of Federalism: An Institutional Perspective - Barry Weingast. LEGAL INSTITUTIONS OF A MARKET ECONOMY: The Many Legal Institutions That Support Contractual Commitments - Gillian K. Hadfield.- Legal Systems as Frameworks for Market Exchanges - Paul Rubin.- Market Institutions and Judicial Rulemaking - Benito Arrunada and Veneta Andonova.- Legal Institutions and Financial Development - Thorsten Beck. MODES OF GOVERNANCE: The New Institutional Approach to Organization - Claude Menard.- Vertical Integration - Paul Joskow.- Solutions to Principal-Agent Problems in Firms - Gary Miller.- The Institutions of Corporate Governance - Mark Roe.- Firms and the Creation of New Markets - Erin Anderson and Hubert Gatignon. CONTRACTUAL ARRANGEMENTS: The Make or Buy Decisions: Lessons from Empirical Studies - Peter Klein.- Agricultural Contracts - Douglas Allen and Dean Lueck.- The Enforcement of Contracts and Private Ordering - Victor Goldberg. REGULATION: The Institutions of Regulation. An Application to Public Utilities - Pablo Spiller and Mario Tommasi.- State Regulation of Open-Access, Common-Pool Resources - Gary Libecap.- Property Rights, and the State - Lee Alston and Bernardo Mueller.- Licit and Illicit Firm Responses to Public Regulation -Lee Benham. Institutional CHANGE: Institutions and Development - Mary M. Shirley.- Institutional and Non-Institutional Explanation of Economic Differences - Stanley L. Engerman and Kenneth L. Sokoloff.- Institutions and Firms in Transition Economies - Peter Murrell.- Social Capital, Social Norms and the New Institutional Economics - Philip Keefer and Steve Knack.- Commitment, Coercion and Markets: The Nature and Dynamics of Institutions Supporting Exchange - Avner Greif. PERSPECTIVES: Economic Sociology and New Institutional Economics - Victor Nee and Richard Swedberg.- Doing Institutional Analysis: Digging Deeper than Markets and Hierarchies - Elinor Ostrom.

  • IN New Institutional Economics
    2020
    Co-Authors: Claude Menard
    Abstract:

    After a long wait on the runway,with Coase in the cockpit, New Institutional Economics took off spectacularly over the last two decades and is now evolving as a very progressive research program. A coherent set of concepts has been elaborated, with transactions and their costs at the core, and empirical tests and applications have proliferated at a pace rarely observed in Economics

  • a research agenda for New Institutional Economics
    2018
    Co-Authors: Claude Menard, Mary M. Shirley
    Abstract:

    Consisting of 30 concise chapters written by top scholars, this Research Agenda probes the knowledge frontiers of issues long at the forefront of New Institutional Economics (NIE), including government, contracts and property rights. It examines pressing research questions surrounding norms, culture, and beliefs. It is designed to inform and inspire students and those starting their careers in Economics, law and political science. Well-established scholars will also find the book invaluable in updating their understanding of crucial research questions and seeking New areas to explore.

  • research frontiers of New Institutional Economics
    RAUSP Management Journal, 2018
    Co-Authors: Claude Menard
    Abstract:

    Abstract This contribution is about the ‘progressive research program’, as Imre Lakatos would have called it, initiated by New Institutional Economics. After a short reminder of the ‘golden triangle’ of concepts and tools introduced by the founders (Coase, North, Ostrom, Williamson) and their followers, the paper turns to a quick overview of the attainments of this paradigm along its dominant branches: organization theory and Institutional analysis. The emphasis is on the New paths opening up, with a focus on two key issues: hybrid arrangements, which may well be the prevailing organization of transactions in developed market economies; and intermediate, ‘meso-institutions’, which likely provide the missing link between the general rules framing socioeconomic activities and the actors operating within these rules. The underlying argument is that whatever happens to the label ‘NIE’, this research program will remain with us for a long time ahead.

  • the contribution of douglass north to New Institutional Economics
    2014
    Co-Authors: Claude Menard, Mary M. Shirley
    Abstract:

    Douglass North, along with Ronald Coase and Oliver Williamson, transformed the early intuitions of New Institutional Economics into powerful conceptual and analytical tools that spawned a robust base of empirical research. NIE arose in response to questions not well explained by standard neoclassical models, such as make or buy and why rich or poor? Today NIE is a success story by many measures: four Nobel laureates in under 20 years, increasing penetration of mainstream journals, and significant impact on major policy debates from anti-trust law to development aid. This paper provides a succinct overview of North's evolving ideas about institutions and explains how North's work shaped the emerging field of New Institutional Economics and had a potent impact on Economics and the social sciences more broadly. North provides a powerful example of how persistent and well placed confidence and hard work can productively transform the status quo. North's influence continues strong and his enthusiasm for exploring New frontiers and cooperating across artificial academic boundaries has never waned.

Rudolf Richter - One of the best experts on this subject based on the ideXlab platform.

  • Institutions and Economic Theory: The Contribution of the New Institutional Economics - Institutions and Economic Theory: The Contribution of the New Institutional Economics
    2020
    Co-Authors: Eirik Grundtvig Furubotn, Rudolf Richter
    Abstract:

    A much-needed exploration of the New Institutional Economics, or NIE, including a critical assessment of its central theoretical contributions since the field's early beginnings in the 1960s, is this book's objective. It traces the development of major ideas about the genesis and significance of institutions as these ideas have been presented in the NIE. Given the fundamental understanding underlying work in this New area of research--that transactions involve the use of real resources and have costs--the book views the NIE as an amalgam of transaction-cost Economics, property-rights analysis, and contract theory. Efforts are made to explain how the various theoretical strands discussed in the NIE literature fit into the general fabric of modern Institutionalism, and how the New concepts put forward can be applied to Institutional analysis. Since the New Institutionalist approach contrasts sharply with that of the traditional neoclassical model, special attention is given to elucidating the points of difference between the two. And, along these lines, a final chapter deals with the troubling question of whether neoInstitutionalist theory can be advanced by efforts to extend or generalize neoclassical theory. The book will be essential reading for economists attracted to the NIE approach. In addition, scholars from such disciplines as political science, sociology, and law will find the work useful as the NIE continues to gain wide academic acceptance. Eirik G. Furubotn is currently serving as Research Associate, University of Texas at Arlington; he recently retired as James L. West Professor of Economics, Texas A&M University. Rudolf Richter is Professor of Economics, Center for the Study of the New Institutional Economics, University of Saarlandes.

  • whither New Institutional Economics
    European Business Organization Law Review, 2016
    Co-Authors: Rudolf Richter
    Abstract:

    The International Society for New Institutional Economics has changed its name to Society of Institutional and Organizational Economics (SIOE). Does this mean that its Coasean mission, ‘to replace the current analysis with something better’, will be abandoned? We do not think so. The insights of the ‘New Institutional Economics’ were too big of an ‘aha’ experience for economists for its ideas to vanish into thin air due to a renaming of its scientific society. In any case, economists can hardly continue trying to adapt reality to their mechanical micro- or macroeconomic devices by neglecting or bending information on ‘economic structure’ (read: ‘economic institutions’) as they see fit. The New Institutional Economics might help economists to become more open-minded towards the social sciences, and more willing to include detailed Institutional structures into their analysis. We proceed as follows: taking the European Monetary Union (EMU) as an example, we demonstrate that the analytic techniques of the New Institutional Economics as applied to relationships between private people can also be applied to relationships amongst public bodies. For that purpose, we first give a short description of the early history and structure of EMU. After that, we illustrate how the advantages and drawbacks of this supranational organisation appear from the perspective of the New Institutional Economics.

  • Whither 'New Institutional Economics'?
    European Business Organization Law Review, 2016
    Co-Authors: Rudolf Richter
    Abstract:

    The International Society for New Institutional Economics has changed its name to Society of Institutional and Organizational Economics (SIOE). Does this mean that its Coasean mission, ‘to replace the current analysis with something better’, will be abandoned? We do not think so. The insights of the ‘New Institutional Economics’ were too big of an ‘aha’ experience for economists for its ideas to vanish into thin air due to a renaming of its scientific society. In any case, economists can hardly continue trying to adapt reality to their mechanical micro- or macroeconomic devices by neglecting or bending information on ‘economic structure’ (read: ‘economic institutions’) as they see fit. The New Institutional Economics might help economists to become more open-minded towards the social sciences, and more willing to include detailed Institutional structures into their analysis. We proceed as follows: taking the European Monetary Union (EMU) as an example, we demonstrate that the analytic techniques of the New Institutional Economics as applied to relationships between private people can also be applied to relationships amongst public bodies. For that purpose, we first give a short description of the early history and structure of EMU. After that, we illustrate how the advantages and drawbacks of this supranational organisation appear from the perspective of the New Institutional Economics.

  • the New Institutional Economics of markets
    2010
    Co-Authors: Eirik Grundtvig Furubotn, Rudolf Richter
    Abstract:

    To date, the formulation of a systematic theory of the organization of markets has proved to be a difficult task and remains unfinished. Nevertheless, explanations do exist as to why, under given conditions, the basic activities of trade are organized in one particular fashion rather than another. This invaluable collection of essays brings together important papers by authors working in the tradition of the New Institutional Economics. The editors have provided an original introduction which presents a comprehensive overview of their selection.

  • The New Institutional Economics: Its Start, its Meaning, its Prospects
    European Business Organization Law Review, 2005
    Co-Authors: Rudolf Richter
    Abstract:

    This article first describes the history of the use of the term ‘New Institutional Economics’ (NIE) since its introduction by Oliver Williamson. It shows how the term has evolved from a generic term to a standard term on the basis of NIE conference publications and collective volumes that appeared between 1984 and 1997. In 1997, the International Society for New Institutional Economics was founded. Ronald Coase, Douglass North and Oliver Williamson were the driving force behind this development. In the second part of this article, the meaning of the NIE is outlined according to the basic concepts of Williamson and North. The ideas of these two protagonists are compared with each other and their better-known criticisms are described and assessed. The final part of the article deals with possibilities for broadening and deepening the objectives and analytical style of the NIE. It concludes with the observation that the potentialities of the NIE are far from being exhausted.

Jennifer Davies - One of the best experts on this subject based on the ideXlab platform.

  • New Institutional Economics contribution to strategic groups analysis
    Managerial and Decision Economics, 2007
    Co-Authors: Stephane Tywoniak, Peter Galvin, Jennifer Davies
    Abstract:

    Rather than consider the two broad strands of strategic group research-performance-based and behavior-based studies-as competing approaches, we argue that they relate to complementary levels of analysis. We present a four-level framework for analyzing structures within industries drawn from New Institutional Economics (NIE) which covers different approaches to strategic group formation from Institutional isomorphism and embeddedness through to the firm-level effects of certain resource deployments. We apply an Institutional approach to a case study of the Australian banking industry and supplement this with a quantitative approach based around key strategic variables. This analysis suggests that distinct groups have emerged due to the Institutional environment and the different regulatory environments experienced by various banks in the industry. Copyright © 2007 John Wiley & Sons, Ltd.

  • New Institutional Economics contribution to strategic groups analysis
    Australian Centre for Business Research; QUT Business School, 2007
    Co-Authors: Stephane Tywoniak, Peter Galvin, Jennifer Davies
    Abstract:

    Rather than consider the two broad strands of strategic group research - performance-based and behavior-based studies - as competing approaches, we argue that they relate to complementary levels of analysis. We present a four-level framework for analyzing structures within industries drawn from New Institutional Economics (NIE) which covers different approaches to strategic group formation from Institutional isomorphism and embeddedness through to the firm-level effects of certain resource deployments. We apply an Institutional approach to a case study of the Australian banking industry and supplement this with a quantitative approach based around key strategic variables. This analysis suggests that distinct groups have emerged due to the Institutional environment and the different regulatory environments experienced by various banks in the industry.

Jean-michel Glachant - One of the best experts on this subject based on the ideXlab platform.

  • New Institutional Economics: A Guidebook - New Institutional Economics: A guidebook
    2020
    Co-Authors: Eric Brousseau, Jean-michel Glachant
    Abstract:

    Twenty-one papers explore the accomplishments, limitations, and unmet needs of the field of New Institutional Economics. Papers discuss the theories of the firm; contracts--from bilateral sets of incentives to the multilevel governance of relations; institutions and the Institutional environment; human nature and Institutional analysis; the "case" for case studies in New Institutional Economics; New Institutional econometrics--the case of research on contracting and organization; experimental methodology to inform New Institutional Economics issues; game theory and institutions; New Institutional Economics, organization, and strategy; interfirm alliances--a New Institutional Economics approach; governance structure and contractual design in retail chains; make-or-buy decisions--a New Institutional Economics approach; transaction costs, property rights, and the tools of the New Institutional Economics--water rights and water markets; contracting and organization in food and agriculture; buying, lobbying, or suing--interest groups' participation in policy making--a selective survey; regulation and deregulation in network industry; constitutional political economy--analyzing formal institutions at the most elementary level; New Institutional Economics and its application on transition and developing economies; law and Economics in retrospect; the theory of the firm and its critics--a stocktaking and assessment; and the causes of Institutional inefficiency--a development perspective. Brousseau is Professor of Economics at the University of Paris X and Director of EconomiX. Glachant is Professor of Economics and Head of the Electricity Reforms Group in the ADIS Research Center at the University of Paris-Sud XI. Index.

  • New Institutional Economics
    2020
    Co-Authors: Eric Brousseau, Jean-michel Glachant
    Abstract:

    Institutions frame behaviors and exchanges in markets, business networks, communities, and organizations throughout the world. Thanks to the pioneering work of Ronald Coase, Douglas North and Olivier Williamson, institutions are now recognized as being a key factor in explaining differences in performance between industries, nations, and regions. The fast-growing field of New Institutional Economics analyzes the Economics of institutions and organizations using methodologies, concepts, and analytical tools from a wide range of disciplines (including political science, anthropology, sociology, management, law, and Economics). With contributions from an international team of researchers, New Institutional Economics provides theoreticians, practitioners, and advanced students in Economics and social sciences with a guide to the many recent developments in the field. It explains the underlying methodologies, identifies issues and questions for future research, and shows how results apply to decision making in law, economic policy, management, regulation and Institutional design.

  • New Institutional Economics a guidebook
    Economics Papers from University Paris Dauphine, 2008
    Co-Authors: Eric Brousseau, Jean-michel Glachant
    Abstract:

    Twenty-one papers explore the accomplishments, limitations, and unmet needs of the field of New Institutional Economics. Papers discuss the theories of the firm; contracts--from bilateral sets of incentives to the multilevel governance of relations; institutions and the Institutional environment; human nature and Institutional analysis; the "case" for case studies in New Institutional Economics; New Institutional econometrics--the case of research on contracting and organization; experimental methodology to inform New Institutional Economics issues; game theory and institutions; New Institutional Economics, organization, and strategy; interfirm alliances--a New Institutional Economics approach; governance structure and contractual design in retail chains; make-or-buy decisions--a New Institutional Economics approach; transaction costs, property rights, and the tools of the New Institutional Economics--water rights and water markets; contracting and organization in food and agriculture; buying, lobbying, or suing--interest groups' participation in policy making--a selective survey; regulation and deregulation in network industry; constitutional political economy--analyzing formal institutions at the most elementary level; New Institutional Economics and its application on transition and developing economies; law and Economics in retrospect; the theory of the firm and its critics--a stocktaking and assessment; and the causes of Institutional inefficiency--a development perspective. Brousseau is Professor of Economics at the University of Paris X and Director of EconomiX. Glachant is Professor of Economics and Head of the Electricity Reforms Group in the ADIS Research Center at the University of Paris-Sud XI. Index.

Stephane Tywoniak - One of the best experts on this subject based on the ideXlab platform.

  • New Institutional Economics contribution to strategic groups analysis
    Managerial and Decision Economics, 2007
    Co-Authors: Stephane Tywoniak, Peter Galvin, Jennifer Davies
    Abstract:

    Rather than consider the two broad strands of strategic group research-performance-based and behavior-based studies-as competing approaches, we argue that they relate to complementary levels of analysis. We present a four-level framework for analyzing structures within industries drawn from New Institutional Economics (NIE) which covers different approaches to strategic group formation from Institutional isomorphism and embeddedness through to the firm-level effects of certain resource deployments. We apply an Institutional approach to a case study of the Australian banking industry and supplement this with a quantitative approach based around key strategic variables. This analysis suggests that distinct groups have emerged due to the Institutional environment and the different regulatory environments experienced by various banks in the industry. Copyright © 2007 John Wiley & Sons, Ltd.

  • New Institutional Economics contribution to strategic groups analysis
    Australian Centre for Business Research; QUT Business School, 2007
    Co-Authors: Stephane Tywoniak, Peter Galvin, Jennifer Davies
    Abstract:

    Rather than consider the two broad strands of strategic group research - performance-based and behavior-based studies - as competing approaches, we argue that they relate to complementary levels of analysis. We present a four-level framework for analyzing structures within industries drawn from New Institutional Economics (NIE) which covers different approaches to strategic group formation from Institutional isomorphism and embeddedness through to the firm-level effects of certain resource deployments. We apply an Institutional approach to a case study of the Australian banking industry and supplement this with a quantitative approach based around key strategic variables. This analysis suggests that distinct groups have emerged due to the Institutional environment and the different regulatory environments experienced by various banks in the industry.