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Autor:
Eirik G. Furubotn
Publikováno v:
Journal of Economic Behavior & Organization. 45:133-153
Concepts of importance in the literature of the New Institutional Economics, such as transaction costs and bounded rationality, have been used to extend the standard neoclassical model of the firm, but the hybrid models created have failed to provide
Autor:
Eirik G. Furubotn
Publikováno v:
European Journal of Law and Economics. 8:179-197
As the literature has given increasing attention to the roles played by transaction costs and bounded rationality in shaping economic outcomes, attempts have been made to redefine the concept of economic efficiency. The traditional criterion, which i
Autor:
Eirik G. Furubotn
Publikováno v:
European Journal of Law and Economics. 2:99-118
The Coase theorem asserts that private bargaining can overcome the difficulties posed by an externality situation and lead to a first-best allocative solution. For such idealized efficiency to be achieved, however, it is generally recognized that cer