Institutional Economics Syallabus
Unit- I - Main Reading:
Akerlof G.A. The Markets for "Lemons": Quality Uncertainty and
the Market Mechanism" 84 Quarterly Journal of Economics, pp. 488-500
(1984).
Eggertson Thr. Institutions and Economic Behavior. Ch.6, pp. 170-175.
Milgrom P., Roberts J. Economics, Organisation and Management. Ch.5, pp.
126-166, Ch.6, pp. 166-205, Ch.8, pp. 269-279, Ch.9, pp. 307-313, Ch.16, pp.
538-584.
Joskow P. Contract Duration and Relationship-Specific Investments:
Empirical Evidence from Coal Markets. 77 American Economic Review pp. 168-173
(1987).
Supplementary reading:
Alchian A., Woodward S. Reflections on the Theory of the Firm. Journal
of Institutional and Theoretical Economics, 1987, Vol.143, pp.110-136.
Brinig M. Rings and Promises. 6 Journal of Law, Economics and
Organization, 129-141(1990).
Klein B. Fisher-General Motors and the Nature of the Firm. 43 Journal of
Law and Economics, pp. 103-141(2000).
Klein B., Crawford R., Alchian A. Vertical Integration, Appropriable
Rents and the Competitive Contracting Process. Journal of Law and Econoics,
1978, Vol. 21, pp. 297-326.
Kreps D. Corporate Culture and Economic Theory. In: Perspectives on
Positive Political Economy. Cambridge: Cambridge University Press, 1990.
Menard C. Inside The Black Box: The Variety of Hierarchical Forms. In:
Transaction Cost Economics and Beyond. ed. Groenewegen J. L., Kluwer Academic
Publishers, pp.149-170.
Menard C. On Clusters, Hybrids and Other Strange Forms: The Case of
French Poultry Industry 152 Journal of Institutional and Theoretical Economics,
1996, pp. 154 -183 (1996).
Ortmann A., Colander D. Teaching Tools. A Simple Principal-Agent
Experiment for the Classroom. Economic Inquiry, 1997, Vol. 35, April, N 2, pp.
443-450.
Shelanski H., Klein P. Empirical Research in Transaction Cost Economics:
A Review and Assessment. Journal of Law, Economics and Organization, 1995, Vol.
11, N 2., pp.335-361.
Williamson O. Comparative Economic Organization: The Analyses of
Discrete Structural Alternatives. In: Mechanisms of Governance, Oxford
University Press, 1996.
Williamson O. The Economic Institutions of Capitalism. The Free Press, N.Y. 1985, Ch.1-3, pp. 15-85.
Unit- II - Main Reading:
Coase R. The Nature of the Firm. 4 Economica, pp. 386-405 (1937).
Alchian A., Demsetz H. Production, Information Costs and Economic 52 The
American Economic Review, pp. 777-795 (1972).
Eggertson Thr. Institutions and Economic Behavior. Ch.6, pp.157-190.
Hart O. An Economist's Perspective on the Theory of the Firm. 89
Columbia Law Review, p. 1757 (1989)
Milgrom P., Roberts J. Economics, Organization and Management. Ch.9, pp.
313-325, Ch.15, pp. 482-527.
Supplementary reading:
Chеung S. The Contactual Nature of the Firm, Journal of Law and
Economics, 1983, Vol. 26, pp.1-21.
Demsetz H. The Emerging Theory of the Firm. Uppsala, 1992
Fama E., Jensen M. Agency Problems and Residual Claims. 26 Journal of
Law and Economics, pp. 327-349 (1983).
Jensen M., Meckling W. Theory of the Firm: Managerial Behavior, Agency
Costs and Ownership Structure. 3 Journal of Financial Economics, pp. 305-360
(1976).
Наrt O. Norms and the Theory of the Firm. University of
Pennsylvania Law Review. University of Pennsylvania Law Review, 2001, Vol. 149,
pp.1701-1715.
Manne H. Mergers and the Market for Corporate Control. 73 Journal of Political Economy, p. 110 (1965).
Schleifer A., Vishny R. 1997 A Survey of Corporate Governance. 52 Journal of Finance, p. 737 (1997).
Unit- III - Main Reading:
North D.
Institutions, Institutional Change and Economic Performance. Cambridge
University Press, 1990, Ch. 9-14.
Supplementary reading:
Bebchuk L. and M. Roe, A Theory of Path
Dependence in Corporate Ownership and Governance 52 Stanford Law Review pp.
127-70 (2000);
Bromley D.
Institutional Change and Economic Efficiency. Journal of Economic Issues, Vol.
23, No. 3, September 1989.
David P. Clio and the
Economics of QWERTY.75 American Economic Review. Papers and Proceedings
pp.332-337 (1985).
Margolis S., Liebowitz S. Path Dependence. In:
Newman P. The New Palgrave Dictionary of Economics and the Law. Vol. 3,
pp.17-22.
Roe M. Chaos and Evolution in Law and Economics. Harvard Law Review, 1996, Vol. 109, pp. 641-658.
Unit- IV - Main Reading:
Eggertson Thr.
Institutions and Economic Behavior. Ch.9-10, pp.281-358.
Venjanovski, C., The Economics of Law, The Institute of Economic Affairs and Profile
Books Ltd, London, 2006 (2nd Ed) Available at
http://www.iea.org.uk/files/upld-book391pdf?.pdf
Rose-Ackerman, Susan,Handbook on the Economics of
Corruption, Edward Elgar
Publishing Inc, Northampton, MA, 2006
Supplementary reading:
McGuire M., J Olson M. The Economics of
Autocracy and Majority Rule: The Invisible Hand and the Rule of Force. Journal
of Economic Literature, 1996, Vol. 34 March, pp.72-96.
North D. Structure
and Change in Economic Theory. N.Y. and London: Norton, 1981. Ch.3.
Rodrik, Dani, Arvind Subramanian, and Francesco Trebbi, "Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development" August 2002.
http://ksghome.harvard.edu/~.drodrik.academic.ksg/papers.html
Knack, Stephen and
Philip Keefer (1997) "Why don't poor countries catch up? A cross national test
of an institutional explanation" Economic Inquiry 35.
Robert Hall and
Charles I. Jones "Why Do Some Countries Produce So Much More Output per Worker
than Others?" The Quarterly Journal of Economics, vol. 114, no. 1, pp. 83-116,
February 1999. Available also as NBER Working Paper No. W6564 (http://papers.nber.org/papers/W6564.pdf.)
Rodrik, D. 2000
"Institutions for High-Quality Growth: What They are and How to Acquire
Them", NBER Working Paper No. W7540. Available at http://papers.nber.org/papers/W7540.pdf.
Greif, Avner "Commitment, Coercion and Markets: The Nature and Dynamics of Institutions Supporting Exchange" in C. Menard and M. Shirley (eds.), Handbook of New Institutional Economics. Springer. 727-786. 2005
Available at http://www-econ.stanford.edu/faculty/Greif_Papers/Commitment_Coercion_Markets.pdf
Andrew,
Samuel, Essays on the economics of corruption, Ph.D. dissertation, Boston College,
2005, 108 pages; AAT 3176675 http://proquest.umi.com/pqdlink?Ver=1&Exp=03-11-2013&FMT=7&DID=920928101&RQT=309&attempt=1&cfc=1