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.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
