This paper argues that there are several factors that investors must take into account when choosing to invest or not. One of the most important factors, which goes largely undiscussed in existing literature, is the behavior of governments undergoing political reform. Specifically, the...

The challenge of rendering monetary exchange intelligible within a Walrasian general equilibrium framework is well known. Perhaps less well known is the difficulty of integrating monetary and exchange economies in decentralized conceptions of equilibrium, of which the evenly rotating economy of...

This paper investigates two different approaches to the analysis of institutions using game theory and discusses their methodological and theoretical implications for further research. Starting from von Neumann and Morgenstern's theory, we investigate, how Schotter and Schelling's approaches to...

This paper investigates two different approaches to the analysis of institutions using game theory and discusses their methodological and theoretical implications for further research. Starting from von Neumann and Morgenstern's theory, we investigate, how Schotter and Schelling's approaches to...

Decline and break-up of institutionalized cooperation, at all levels, has occurred frequently. Some of its concomitants, such as international migration, have become topical in the globalized world. Aspects of the phenomenon have also become known as failing states. However, the focus in most...

We present a model of neighborhood effects in wage payment delays. Positive feedback arises because each employer’s arrears affect the late payment costs faced by other firms in the same local labor market, resulting in a strategic complementarity in the practice. The model is estimated on...

This article aims to clarify the case and the mechanism where sanction or punishment by institution can deliver the evolution of cooperation. Compared to peer sanctioning, institutional sanctioning may be sensitive to players' attitude toward players who do not pre-commit punishment. Departed...

Abstract. In institutional studies various concepts and terms have been proposed to describe institutional phenomena and their nature. They include behavioral regularity, habituation, collective intentionality, common knowledge, shared beliefs, artifacts, rules of the game, system of signs, and...

This working paper extends the mainstream theoretical thinking in the field of telecommunications regulations to better fit with processes perceived in rural areas. The implicit framework of Levy & Spiller, Berg and Stern & Holder is extended to incorporate ideas of public administration theory,...