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Institutional reform: A decision-making process view

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  • Stone, Alastair
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    Abstract

    The paper analyses the fundamentals of the decision-making process and proposes a model which is applied to the example of urban land passenger transport. The model amongst other things, redefines the nature of the urban land transport product. The paper explores the implications for many established policy positions on institutional arrangements, such as user pays, that have become distorted by current descriptions of products that ignore the insights of explicitly considering the decision-making process leading to the act of resource exchange for the provision of urban land transport service.

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    Bibliographic Info

    Article provided by Elsevier in its journal Research in Transportation Economics.

    Volume (Year): 22 (2008)
    Issue (Month): 1 (January)
    Pages: 164-178

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    Handle: RePEc:eee:retrec:v:22:y:2008:i:1:p:164-178

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    1. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
    2. Coase, Ronald H., 1991. "The Institutional Structure of Production," Nobel Prize in Economics documents 1991-1, Nobel Prize Committee.
    3. Kahneman, Daniel, 2002. "Maps of Bounded Rationality," Nobel Prize in Economics documents 2002-4, Nobel Prize Committee.
    4. Simon, Herbert A., 1978. "Rational Decision-Making in Business Organizations," Nobel Prize in Economics documents 1978-1, Nobel Prize Committee.
    5. Williamson, Oliver E, 1999. "Public and Private Bureaucracies: A Transaction Cost Economics Perspective," Journal of Law, Economics and Organization, Oxford University Press, vol. 15(1), pages 306-42, April.
    6. North, Douglass C., 1993. "Economic Performance through Time," Nobel Prize in Economics documents 1993-2, Nobel Prize Committee.
    7. Oliver E. Williamson, 2002. "The Theory of the Firm as Governance Structure: From Choice to Contract," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 171-195, Summer.
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