This paper explores the functions and limitations of democratic governance by analyzing the allocation of decision-making authority in colleges and universities. Contrary to the conventional perception that large numbers and heterogeneity of voters and issues undermine the efficiency of...

We analyze the capacities of communities (or social networks) and courts to secure cooperation among heterogeneous, impersonal transactors. We find that communities and courts are complementary in that they tend to support cooperation for different types of transactions but that the existence of...

This comprehensive and groundbreaking Handbook integrates economic and organization theories to help elucidate the design and evolution of economic organization. Economic organization is regarded both as a subject of inquiry and as an emerging disciplinary field in its own right, integrating...

In the standard durable goods-quality model, the prospect of repeat sales often supports the provision of high-quality durable goods. When durable goods require costly post-sale service, however, a reputational equilibrium may not exist at any price, even with a flow of profitable new sales...

"This paper explores the functions and limitations of democratic governance by analyzing the allocation of decision-making authority in colleges and universities. Contrary to the conventional perception that large numbers and heterogeneity of voters and issues undermine the efficiency of...