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Institutional reform: A decision-making process view

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  • Stone, Alastair

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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  • Stone, Alastair, 2008. "Institutional reform: A decision-making process view," Research in Transportation Economics, Elsevier, vol. 22(1), pages 164-178, January.
  • Handle: RePEc:eee:retrec:v:22:y:2008:i:1:p:164-178
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    References listed on IDEAS

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    1. Oliver E. Williamson, 2002. "The Theory of the Firm as Governance Structure: From Choice to Contract," Journal of Economic Perspectives, American Economic Association, pages 171-195.
    2. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, pages 263-291.
    3. Arrow, Kenneth J, 1974. "General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice," American Economic Review, American Economic Association, vol. 64(3), pages 253-272, June.
    4. Coase, Ronald H., 1991. "The Institutional Structure of Production," Nobel Prize in Economics documents 1991-1, Nobel Prize Committee.
    5. North, Douglass C, 1994. "Economic Performance through Time," American Economic Review, American Economic Association, pages 359-368.
    6. Coase Ronald, 1991. "The Institutional Structure of Production," Journal des Economistes et des Etudes Humaines, De Gruyter, pages 1-10.
    7. Williamson, Oliver E, 1999. "Public and Private Bureaucracies: A Transaction Cost Economics Perspective," Journal of Law, Economics, and Organization, Oxford University Press, pages 306-342.
    8. von Hayek, Friedrich August, 1989. "The Pretence of Knowledge," American Economic Review, American Economic Association, pages 3-7.
    9. Coase, R H, 1992. "The Institutional Structure of Production," American Economic Review, American Economic Association, pages 713-719.
    10. Simon, Herbert A, 1979. "Rational Decision Making in Business Organizations," American Economic Review, American Economic Association, pages 493-513.
    11. Kahneman, Daniel, 2002. "Maps of Bounded Rationality," Nobel Prize in Economics documents 2002-4, Nobel Prize Committee.
    12. von Hayek, Friedrich August, 1974. "The Pretence of Knowledge," Nobel Prize in Economics documents 1974-2, Nobel Prize Committee.
    13. Simon, Herbert A., 1978. "Rational Decision-Making in Business Organizations," Nobel Prize in Economics documents 1978-1, Nobel Prize Committee.
    14. Williamson, Oliver, 2009. "The Theory of the Firm as Governance Structure: From Choice to Contract," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 6, pages 111-134, December.
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