The article argues the neutral nature of markets. It describes the ways neutral markets expand or fold under the influence of non-neutral institutions. A demarcation is lined up between efficacy of a market process and a market result. The paper shows inconsistency of existing neoclassic models...

The concept of adaptive rationality as a characteristic of economic behavior viewed in the framework of evolution of institutions is proposed in the paper. The analysis of the most important approaches to rationality in the economic theory has allowed identifying the special nature of adaptive...

This paper is an attempt to analyze institutional change in the economy synthesizing the original and new methodologies of institutional economics. The concepts of social values, interest groups, and social capital are applied in this context in order to create a theoretical framework based on a...

In this note I examine price competition between two sellers who sequentially arrive to an online consumer-to-consumer market (e.g., Craigslist). Each seller has one unit of a homogeneous good that they want to sell to a pool of buyers. When buyers arrive randomly to the market, I show that...