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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. Luis C. Corchón, 1996. "The Theory of Implementation of Socially Optimal Decisions in Economics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37283-2.
    2. Masahiko Aoki, 2001. "Toward a Comparative Institutional Analysis," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262011875, December.
    3. North, Douglass C., 1971. "Institutional Change and Economic Growth," The Journal of Economic History, Cambridge University Press, vol. 31(1), pages 118-125, March.
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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. Kai Guo & Yang Yao, 2005. "Causes of privatization in China," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 13(2), pages 211-238, April.
    5. Yang Yao, 2004. "Land Tenure Choice in Chinese Villages: The Rational versus the Political Model," Land Economics, University of Wisconsin Press, vol. 80(4).

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    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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