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This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where pe...
In the last few years a new area has emerged in economic theory, which goes under the heading of However, almost since its inception, the theory has b...
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We develop a new bankruptcy procedure that makes use of multiple auctions. The procedure" is designed to work even when capital markets do not functio...
Why Parties May Deliberately Write Incomplete Contracts
Why are contracts incomplete? Transaction costs and bounded rationality cannot be a total explanation since states of the world are often describable,...
Members' Co-operatives Versus Outside Ownership