Property rights theory: dynamics of institutions
6 important questions on Property rights theory: dynamics of institutions
What is the design approach in institutional change?
What is the naive view in the design approach?
Why does pressure to change existing property rights emerge?
- Shifts in relative prices
- Changes in production / enforcement technology
- Shifts in preferences
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What is the interest group view in the design approach?
What is institutional change according to the evolutionary approach?
§Institutions as an equilibrium
●Institutions come about without individual or collectivist intent
§Multiple equilibriums: history matters
●Darwinian evolution:
●Mutation
●Selection
●Inheritance and retention
●Path dependence
What are the three forces of path dependence in institutional change?
- Large initial set-up costs when institutions are created
- Strong learning effects for organizations that want to take advantage of opportunities in the institutional environment
- Information is incomplete and fragmented, there are high transaction costs
Under such circumstances divergent paths and poor performance can persist.
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