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Posiciones legales y complementariedades institucionales

Author

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  • Ugo Pagano

    () (Universidad de Siena)

Abstract

Legal positions (such as rights, duties, liberties, powers, liabilities and immunities) are linked together by strong institutional complementarities that differ from the usual institutional complementarities that have been recently considered in economic literature. Legal positions not only satisfy the usual conditions of institutional complementarity stemming from the fact that legal positions that “fit” together are marginally better than those that do not. They also define legal equilibria characterized by the social scarcity constraint that is typical of positional goods.

Suggested Citation

  • Ugo Pagano, 2003. "Posiciones legales y complementariedades institucionales," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 5(9), pages 17-54, July-Dece.
  • Handle: RePEc:rei:ecoins:v:5:y:2003:i:9:p:17-54
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    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/upagano9.pdf
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    References listed on IDEAS

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    1. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
    2. Pagano, U, 1983. "Profit Maximization, Industrial Democracy and the Allocation of Labour," The Manchester School of Economic & Social Studies, University of Manchester, vol. 51(2), pages 159-183, June.
    3. Ugo Pagano, 1999. "The Origin of Organizational Species," Working Papers wp118, Centre for Business Research, University of Cambridge.
    4. Pagano, Ugo, 2000. "Public markets, private orderings and corporate governance," International Review of Law and Economics, Elsevier, vol. 20(4), pages 453-477, December.
    5. Milgrom, Paul & Roberts, John, 1990. "Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities," Econometrica, Econometric Society, vol. 58(6), pages 1255-1277, November.
    6. Pagano, Ugo & Rowthorn, Robert, 1994. "Ownership, technology and institutional stability," Structural Change and Economic Dynamics, Elsevier, vol. 5(2), pages 221-242, December.
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    Citations

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    Cited by:

    1. Luca Fiorito, 2008. "John R. Commons, Wesley N. Hohfeld and the Origins of Transactional Economics," Department of Economics University of Siena 536, Department of Economics, University of Siena.

    More about this item

    Keywords

    legal positions; institutional complementarities; contracts; property law; industrial organization; capitalist systems;

    JEL classification:

    • J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
    • J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General
    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • P10 - Economic Systems - - Capitalist Systems - - - General

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