88 research outputs found
Discrete allocation mechanisms: Dimensional requirements for resource-allocation mechanisms when desired outcomes are unbounded
Allocation mechanisms, incentives, and endemic institutional externalities
Whether an economic agent’s decision creates an externality often depends on the institutional context in which the decision was made. Indeed, in orthodox economics, a technological or exogenous externality occurs just in case one agent’s economic welfare or production possibilities are directly affected by the market decisions of other agents. A pecuniary externality occurs just in case one consumer’s economic welfare or producer’s profit is affected indirectly by price changes caused by changes in other agents’ decisions. Similarly, an institutional or endogenous externality may arise whenever allocations are determined by a mechanism that is not strategy proof for some agent. Then even a resource balance constraint creates an institutional externality except in special cases such as when no individual agent’s action can affect market clearing prices — i.e., there are no pecuniary externalities
The theory of the firm and its critics: a stocktaking and assessment
Includes bibliographical references."Prepared for Jean-Michel Glachant and Eric Brousseau, eds. New Institutional Economics: A Textbook, Cambridge, Cambridge University Press.""This version: August 22, 2005."Since its emergence in the 1970s the modern economic or Coasian theory of the
firm has been discussed and challenged by sociologists, heterodox economists, management
scholars, and other critics. This chapter reviews and assesses these critiques, focusing on behavioral
issues (bounded rationality and motivation), process (including path dependence and the selection argument), entrepreneurship, and the challenge from knowledge-based
theories of the firm
Modeling International Diffusion: Inferential Benefits and Methodological Challenges, with an Application to International Tax Competition
What Mechanism Design Theorists Had to Say About Laboratory Experimentation in the Mid-1980s
- …