We investigate the complementarity between informal communities and formal government enforcement of norms of reciprocation and exchange. We introduce a model in which people exchange informally within their community as well as externally on a market. We show that informal community and formal...

The research illuminates the role of financial structure (debt or equity financing) and contract renegotiation in enabling efficient adaptation over the course of long-term exchange. I provide evidence from a dataset of electricity marketing contracts about how electricity generators and...

Political scientists and economists increasingly agree that institutions may influence economic growth, but there is little general agreement on what institutions tend to produce what consequences. We apply public choice insights for a theoretical analysis that may be termed “Madisonian”:...

In this inaugural address the consequences of the new economy (the information economy) for research and education with respect to management and organization are explored. The information economy implies a shift from sociology based organization theory to economic organization theory, with...

This paper analyzes the causes, responses, and consequences of the Fukushima nuclear power plant accident (March 2011) by comparing these with Three Mile Island (March 1979) and Chernobyl (April 1986). We identify three generic modes of organizational coordination: modular, vertical, and...

This paper studies how media and the quality of institutions aff ect government action taken before and after a natural disaster. The key elements in this relationship are the media's role as the provider of information to voters about government action, the quality of democracy that pertains to...

Because forests play a critical role in the global carbon cycle, the international community is actively pursuing policies and programs to conserve and increase the amount of carbon stored in forests. As the international community moves closer to an agreement on terrestrial carbon...

Paper presents diverse modes of governance of chemical and biological risks in agri-food sector, assesses their efficiency, complementarities, and challenges, and suggests recommendations for public policies improvement. It defines governance as system of social order responsible for particular...

We show that grandfathering fishing rights to local users or recognizing first possessions is more dynamically efficient than auctions of such rights. It is often argued that auctions allocate rights to the highest-valued users and thereby maximize resource rents. We counter that rents are not...