The standard neoclassical model of economics is incapable of explaining why one form of
organization arises over another. It is a model where transaction costs are implicitly …

The alleged failure of the standard theory of production and exchange to explain a wide
class of empirical observations has led to proliferation of ad hoc theorizing.'Without …

When a transaction is concluded in the marketplace, two bundles of property rights are
exchanged. A bundle of rights often attaches to a physical commodity or service, but it is the …

SINCE Ronald Coase's work on" The Problem of Social Cost,"'economists have increasingly
turned their attention to the effects of property rights on market operations. 2 The way in …

AS CRITICISM of the traditional theory of production and exchange has mounted in the
postwar period, increasing attention has been given to new analytical approaches that seek …

The claim I wish to make here is that this “dominant paradigm” is really no explanatory
model at all, but represents the absence of one.“Property is a bundle of rights” is little more …

Property rights institutions critically affect incentives for decision-making re-garding resource
use and hence, economic behavior and performance. 1 By allocating decision-making …

Transaction costs arise from the transfer of ownership or, more generally, of property rights.
They are a concomitant of decentralized ownership rights, private property and exchange. In …

Choices about the meaning and allocation of property rights pose the sorts of policy
questions familiar to economists thinking about development policy. If we are seeking …

Legal theorists and other commentators have long established a distinction between
property and possession. According to this usage adopted here, possession refers to control …