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Political Process and Efficient Institutional Change

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  • Yang Yao

Abstract

The efficiency hypothesis of institutional change is formulated in a general economic setting. The validity of this hypothesis depends on the specification of the new institution and the political process governing the institutional change. The issue is formulated as an implementation problem that asks whether the hypothesis can be implemented by a game form that consists of a well-behaved political process and a new institution. A general negative result is obtained, and an extension is developed to show the possibility of a positive result.

Suggested Citation

  • Yang Yao, 2004. "Political Process and Efficient Institutional Change," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 160(3), pages 439-453, September.
  • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200409)160:3_439:ppaeic_2.0.tx_2-0
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    References listed on IDEAS

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    1. Masahiko Aoki, 2001. "Toward a Comparative Institutional Analysis," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262011875, September.
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    Cited by:

    1. Yao, Yang, 2014. "The Chinese Growth Miracle," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.),Handbook of Economic Growth, edition 1, volume 2, chapter 7, pages 943-1031, Elsevier.
    2. Neyapti, Bilin & Arasil, Yavuz, 2016. "The nexus of economic and institutional evolution," Economic Modelling, Elsevier, vol. 52(PB), pages 574-582.
    3. Neyapti, Bilin, 2013. "Modeling institutional evolution," Economic Systems, Elsevier, vol. 37(1), pages 1-16.
    4. Yang Yao, 2004. "Land Tenure Choice in Chinese Villages: The Rational versus the Political Model," Land Economics, University of Wisconsin Press, vol. 80(4).

    More about this item

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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