Do institutions matter in economic theory? Or is the economic analysis of institutions a distraction from the most important action? Indeed, does Vernon Smith’s notion of the “institution-free core” of formal economic theory encompass that most important action? To explore this question, this book opens with an informal tour of the economics of system design out of which an economics of adaptation ultimately emerged. The book then offers explorations, via the application of the economics of adaptation in both law and economics relating to how parties manage relationships within the firm, within the context of long-term contracts, and, most vividly, within the context of antitrust conspiracy.
Browse by title
Dean V. Williamson
Edited by Claude Ménard and Mary M. Shirley
Consisting of 30 concise chapters written by top scholars, this Research Agenda probes the knowledge frontiers of issues long at the forefront of New Institutional Economics (NIE), including government, contracts and property rights. It examines pressing research questions surrounding norms, culture, and beliefs. It is designed to inform and inspire students and those starting their careers in economics, law and political science. Well-established scholars will also find the book invaluable in updating their understanding of crucial research questions and seeking new areas to explore.
Edited by Claude Ménard and Elodie Bertrand
Ronald H. Coase was one of the most innovative and provocative economists of the twentieth century. Besides his best known papers on ‘The Nature of the Firm’ and ‘The Problem of Social Cost’, he had a major role in the development of the field of law and economics, and made numerous influential contributions to topics including public utilities, regulation and the functioning of markets. In this comprehensive Companion, 31 leading economists, social scientists and legal scholars assess the impact of his work with particular reference to the research programs initiated, the influence on policymakers, and the challenge to conventional perspectives.
From Colonial Past to Global Reality
Calixto Salomão Filho
This ambitious analysis is centered on the evolution of economic structures in colonized economies, showing the effects of these structures on today’s global reality for all economies, whether they are considered ‘developed’ or ‘underdeveloped.’ The result is an illuminating study of historical restriction and exploitation and its impact on present day markets around the world.
Long-term Contract Regulation in EU Electricity Markets
Adrien de Hauteclocque
Market Building through Antitrust investigates the role of antitrust policy in the building of competitive energy markets in Europe. By looking at the specific problem of long-term supply and access contracts in the electricity sector, the book questions the suitability of antitrust policy as a market building tool. It shows that the institutional infrastructure that pre-dated competitive reform and the politics of liberalization have largely shaped the current dynamics at work in European energy regulatory practice. In particular, antitrust law has increasingly been used as a quasi-ex ante regulatory tool, thereby raising problems in terms of economic efficiency, legal certainty and political legitimacy.
A New Perspective
Edited by Jean-Michel Glachant, Dominique Finon and Adrien de Hauteclocque
This book fills a gap in the existing literature by dealing with several issues linked to long-term contracts and the efficiency of electricity markets. These include the impact of long-term contracts and vertical integration on effective competition, generation investment in risky markets, and the challenges for competition policy principles.
Edited by Philip Marsden
This comprehensive research Handbook brings together cutting-edge legal and economic analysis into antitrust issues by leading experts from Europe, the USA, Canada, Mexico and South America. The Handbook also includes discursive consideration of the similarities and differences among the various regimes on either side of the Atlantic, as well as a look to future trends and applications in regional and global contexts.