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Institutions, organizations, impersonality, and interests: The dynamics of institutions

  • Wallis, John Joseph
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    Institutional economists concerned with rules often focus on the trade-off between individuals and social incentives. This paper argues that the real trade-off that individuals face is between the organizations they belong to in contrast to social rules, and asks when do individuals find it in their interests to act in the interests of their organizations and when do they support impersonal rules? The answer involves a distinction between anonymous relationships between individuals who do not know each other personally, but know the organizations that the other belongs to, and impersonal relationships in which all individuals are treated the same.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0167268111000655
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    Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

    Volume (Year): 79 (2011)
    Issue (Month): 1-2 (June)
    Pages: 48-64

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    Handle: RePEc:eee:jeborg:v:79:y:2011:i:1-2:p:48-64
    Contact details of provider: Web page: http://www.elsevier.com/locate/jebo

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    1. Oliver Hart & Sanford Grossman, 1985. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Working papers 372, Massachusetts Institute of Technology (MIT), Department of Economics.
    2. John Joseph Wallis, 2006. "The Concept of Systematic Corruption in American History," NBER Chapters, in: Corruption and Reform: Lessons from America's Economic History, pages 23-62 National Bureau of Economic Research, Inc.
    3. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change
      [Understanding the Process of Economic Change]
      ," Introductory Chapters, Princeton University Press.
    4. Binmore, Ken, 2005. "Natural Justice," OUP Catalogue, Oxford University Press, number 9780195178111.
    5. Oliver Hart & Bengt Holmstrom, 2010. "A Theory of Firm Scope," The Quarterly Journal of Economics, MIT Press, vol. 125(2), pages 483-513, May.
    6. George A. Akerlof & Rachel E. Kranton, 2000. "Economics And Identity," The Quarterly Journal of Economics, MIT Press, vol. 115(3), pages 715-753, August.
    7. Kingston, Christopher, 2007. "Marine Insurance in Britain and America, 1720 1844: A Comparative Institutional Analysis," The Journal of Economic History, Cambridge University Press, vol. 67(02), pages 379-409, June.
    8. Benoit, Jean-Pierre & Krishna, Vijay, 1985. "Finitely Repeated Games," Econometrica, Econometric Society, vol. 53(4), pages 905-22, July.
    9. Kenneth J. Arrow, 1950. "A Difficulty in the Concept of Social Welfare," Journal of Political Economy, University of Chicago Press, vol. 58, pages 328.
    10. Mathias Dewatripont & Patrick Bolton, 2005. "Contract theory," ULB Institutional Repository 2013/9543, ULB -- Universite Libre de Bruxelles.
    11. Fudenberg, Drew & Maskin, Eric, 1986. "The Folk Theorem in Repeated Games with Discounting or with Incomplete Information," Econometrica, Econometric Society, vol. 54(3), pages 533-54, May.
    12. George Baker & Robert Gibbons & Kevin J. Murphy, 2002. "Relational Contracts And The Theory Of The Firm," The Quarterly Journal of Economics, MIT Press, vol. 117(1), pages 39-84, February.
    13. Bhagwati, Jagdish N, 1982. "Directly Unproductive, Profit-seeking (DUP) Activities," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 988-1002, October.
    14. Wallis, John Joseph, 2005. "Constitutions, Corporations, and Corruption: American States and Constitutional Change, 1842 to 1852," The Journal of Economic History, Cambridge University Press, vol. 65(01), pages 211-256, March.
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