Different types of markets exist throughout the world but how are they created? In this book, an interdisciplinary team of authors provide an evolutionary vision of how markets are designed and shaped. Drawing on a series of case studies, they show that markets are far from perfect and natural mechanisms, and propose a new view of markets as social construct, explaining how combinations of economic, political and legal constraints influence the formation and performance of markets. Historical trajectories and interdependencies among institutional dimensions make it difficult to build costless, non-biased co-ordination mechanisms, and there are limitations to public and private attempts to improve the design of markets. The authors show that incomplete and imperfect modes of governance must be improved upon and combined in order for markets to work more efficiently. This timely book will interest practitioners and academics with backgrounds in economics, law, political science and public policy.

How are our societies being transformed by internet and digital economics? This book provides an accessible introduction to the economics of the internet and a comprehensive account of the mechanisms of the digital economy. Leading scholars examine the original economic and business models being developed as a result of the internet system, and explore their impact on our economies and societies. Key issues are analysed, including the development of open source software and on-line communities, peer-to-peer and online sharing of cultural goods, electronic markets and the rise of new information intermediaries, e-retailing and e-banking. The volume examines how internet and digital economics have transformed the organization of firms, industries, markets, commerce, modes of distribution, money, finance, and innovation processes, and provides the analytical tools to understand both these recent transformations and the likely future directions of the 'New Economy'.

How are our societies being transformed by internet and digital economics? This book provides an accessible introduction to the economics of the internet and a comprehensive account of the mechanisms of the digital economy. Leading scholars examine the original economic and business models being developed as a result of the internet system, and explore their impact on our economies and societies. Key issues are analysed, including the development of open source software and on-line communities, peer-to-peer and online sharing of cultural goods, electronic markets and the rise of new information intermediaries, e-retailing and e-banking. The volume examines how internet and digital economics have transformed the organization of firms, industries, markets, commerce, modes of distribution, money, finance, and innovation processes, and provides the analytical tools to understand both these recent transformations and the likely future directions of the 'New Economy'.

This is a comprehensive and up-to-date synthesis of the economic analysis of contracts written by a specially commissioned team of leading international scholars. The book offers a well structured analysis of theoretical developments, the diverse fields of applications, the methodologies in use, and the policy implications at both firm and state level. It offers a unique combination of theoretical and applied economics along with insights from law and management sciences. The volume is designed to appeal to scholars, graduate students and practitioners in economics, management and law.

Digital technologies have prompted the emergence of new modes of regulation and governance, since they allow for more decentralized processes of elaboration and implementation of norms. Moreover, the Internet has been raising a wide set of governance issues since it affects many domains, such as individual rights, public liberties, property rights, economic competition, market regulation, conflict management, security and the sovereignty of states. There is therefore a need to understand how technical, political, economic and social norms are articulated, as well as to understand who the main actors of this process of transformation are, how they interact and how these changes may influence international rulings. This book brings together an international team of scholars to explain and analyse how collective regulations evolve in the broader context of the development of post-modern societies, globalization, the reshaping of international relations and the profound transformations of nation-states.

Institutions frame behaviors and exchanges in markets, business networks, communities, and organizations throughout the world. Thanks to the pioneering work of Ronald Coase, Douglas North and Olivier Williamson, institutions are now recognized as being a key factor in explaining differences in performance between industries, nations, and regions. The fast-growing field of new institutional economics analyzes the economics of institutions and organizations using methodologies, concepts, and analytical tools from a wide range of disciplines (including political science, anthropology, sociology, management, law, and economics). With contributions from an international team of researchers, New Institutional Economics provides theoreticians, practitioners, and advanced students in economics and social sciences with a guide to the many recent developments in the field. It explains the underlying methodologies, identifies issues and questions for future research, and shows how results apply to decision making in law, economic policy, management, regulation and institutional design.

This is a comprehensive and up-to-date synthesis of the economic analysis of contracts written by a specially commissioned team of leading international scholars. The book offers a well structured analysis of theoretical developments, the diverse fields of applications, the methodologies in use, and the policy implications at both firm and state level. It offers a unique combination of theoretical and applied economics along with insights from law and management sciences. The volume is designed to appeal to scholars, graduate students and practitioners in economics, management and law.

Environmental challenges, and the potential solutions to address them, have a direct effect on living standards, the organization of economies, major infrastructures, and modes of urbanization. Since the publication of path-breaking contributions on the governance of environmental resources in the early 1990s, many political initiatives have been taken, numerous governance experiments have been conducted, and a large multi-disciplinary field of research has opened up. This interdisciplinary book takes stock of the knowledge that has accumulated to date, and addresses new challenges in the provision of environmental goods. It focuses on three essential dimensions with respect to governance. First, it addresses the issue of designing governance solutions through analyzing systems of rules, and levels of organization, in the governance and management of environmental issues. Second, it draws renewed attention to the negotiation processes among stakeholders playing a crucial role in reaching agreements over issues and solutions, and in choosing and implementing particular policy instruments. Finally, it shows that compliance depends on a combination of formal rules, enforced by recognized authorities, and informal obligations, such as social and individual norms.
The evolution of the research frontiers on environmental governance shows that more legitimate and informed processes of collective decision, and more subtle and effective ways of managing compliance, can contribute to more effective policy. However, this book also illustrates that more democratic and effective governance should rely on more direct and pluralistic forms of involvement of citizens and stakeholders in the collective decision making processes

Different types of markets exist throughout the world but how are they created? In this book, an interdisciplinary team of authors provide an evolutionary vision of how markets are designed and shaped. Drawing on a series of case studies, they show that markets are far from perfect and natural mechanisms, and propose a new view of markets as social construct, explaining how combinations of economic, political and legal constraints influence the formation and performance of markets. Historical trajectories and interdependencies among institutional dimensions make it difficult to build costless, non-biased co-ordination mechanisms, and there are limitations to public and private attempts to improve the design of markets. The authors show that incomplete and imperfect modes of governance must be improved upon and combined in order for markets to work more efficiently. This timely book will interest practitioners and academics with backgrounds in economics, law, political science and public policy.

Institutions frame behaviors and exchanges in markets, business networks, communities, and organizations throughout the world. Thanks to the pioneering work of Ronald Coase, Douglas North and Olivier Williamson, institutions are now recognized as being a key factor in explaining differences in performance between industries, nations, and regions. The fast-growing field of new institutional economics analyzes the economics of institutions and organizations using methodologies, concepts, and analytical tools from a wide range of disciplines (including political science, anthropology, sociology, management, law, and economics). With contributions from an international team of researchers, New Institutional Economics provides theoreticians, practitioners, and advanced students in economics and social sciences with a guide to the many recent developments in the field. It explains the underlying methodologies, identifies issues and questions for future research, and shows how results apply to decision making in law, economic policy, management, regulation and institutional design.

Digital technologies have prompted the emergence of new modes of regulation and governance, since they allow for more decentralized processes of elaboration and implementation of norms. Moreover, the Internet has been raising a wide set of governance issues since it affects many domains, such as individual rights, public liberties, property rights, economic competition, market regulation, conflict management, security and the sovereignty of states. There is therefore a need to understand how technical, political, economic and social norms are articulated, as well as to understand who the main actors of this process of transformation are, how they interact and how these changes may influence international rulings. This book brings together an international team of scholars to explain and analyse how collective regulations evolve in the broader context of the development of post-modern societies, globalization, the reshaping of international relations and the profound transformations of nation-states.