Are We Forgetting Something? Remarks on the Connections Between Douglass North’s Contributions and Original Institutional Economics

Douglass North’s latest works have become central to the current discussion regarding the differences and similarities between new institutional economics (NIE) and original institutional economics (OIE). We seek to contribute to this debate by offering a specific analytical perspective to evaluating North’s contributions. After defining a set of philosophical and methodological principles that specifies OIE, we endeavor to verify if and how North’s work relates to these foundations. We believe that this methodological perspective brings to light a fundamental issue not stressed by earlier analyses: the profound difference between the institutionalisms regarding the role of market order as a mechanism of human sociability.     

Lancaster's characteristics approach revisited: product selection using non‐parametric methods

In consumer theory, the principles of Lancaster's characteristics approach and hedonic pricing appear to offer the most promising insight into choice when qualitative aspects are important. The paper reconciles these principles with the family of non‐parametric frontier estimation methods known as data envelopment analysis. It is shown that, with some straightforward adjustments, DEA is entirely consistent with the characteristics view of consumer choice found in the economics literature. In making Lancaster's ideas operational, the paper also addresses the theoretical concern voiced by Lancaster about combining indivisible products. The principles are illustrated with a case study involving the comparison of diesel cars. The paper concludes that the user will ultimately have to apply some judgement in choosing between competing efficient products. However, the analysis should help to restrict the number of products to be assessed to manageable proportions. Copyright © 2002 John Wiley & Sons, Ltd.     

How broker ability affects institutional trading costs

The present paper shows that broker research and trade execution ability has a significant impact on the cost of institutional trading. The results reveal that there is significant variation in the ability of brokers to control execution costs. Trades executed by brokers with stronger research ability exhibit a higher permanent price impact, whereas those executed by brokers with better execution ability exhibit a lower temporary price impact. Brokers are also found to specialize on an industry level that gives rise to variation in ability within a brokerage house.     

Is “getting started” an effective way for people to overcome the depletion effect?

Whereas most research on depletion focuses on its effect on the overall performance of a subsequent task requiring self‐control, we examine the effect of depletion on self‐control after performance has begun. Across different manipulations of depletion and using different measures of self‐control (e.g., overriding an automatic behavioural tendency, enduring on a physically demanding task, and making healthy consumption choices), the results of three studies show that when self‐control has been initiated, the effect of depletion has little influence on subsequent behaviour also requiring self‐control: in other words, “getting started” on a self‐control task attenuates the depletion effect. The results also show that the way in which self‐control starts—that is, whether people choose to regulate, or whether this choice is forced—appears irrelevant. This research clarifies an effective way to facilitate self‐control after depletion, while providing a better understanding of the process underlying depletion. Copyright © 2015 ASAC. Published by John Wiley & Sons, Ltd.     

Bridging boundaries in consumption,markets, and culture

ABSTRACT

This article introduces a special issue of Consumption Markets & Culture on “Bridging Boundaries in Consumption, Markets and Culture” presenting research by scholars based around the globe. Together, their work examines ways in which the dynamic relations between consumer actions, the marketplace, and cultural meanings bridge boundaries in consumption, markets, and culture. All of the studies rigorously showcase new ways of addressing enduring problems, demonstrating the rich analyzes that emerge when researchers dare to bridge boundaries between multiple perspectives in theory building.     

EU After COVID-19: An Opportunity for Policy Coordination

Intereconomics - Despite all the difficulties inherent to our political organisation, the European Union has taken a bold step by doubling the EU budget for the next six years with the NGEU fund.     

Proprietorship and unemployment in the United States

Unemployment and proprietorship can be related in several ways. As unemployment increases, individuals with fewer job alternatives may choose to start their own business resulting in an increase in proprietorship. Alternatively, if an increase in unemployment is the result of a depressed economy, higher unemployment may lead to less demand for the products and services of proprietors, thus reducing proprietorship. Finally, greater proprietorship may lead to future increases in employment as these businesses grow. This can potentially reduce unemployment in the long run. We apply a panel vector autoregressive model to unemployment and proprietorship data from the U.S. states for the years 1976 to 2009 to examine if these effects are apparent in the data. We find that unemployment Granger causes proprietorship, but proprietorship does not Granger cause unemployment.     

Beyond the grumpy rich man and the happy peasant: mixed methods and the impact of food security on subjective dimensions of wellbeing in India

This paper responds to the recent advocacy of subjective wellbeing in policy evaluation with an investigation of food security in rural Chhattisgarh, India, in 2010–2013. Conceptually, it suggests the need to move beyond a primary focus on happiness to consider a broader-based investigation into people’s subjective perceptions. In particular, it introduces a multi-domain model with some affinities to the capability approach, which asks what people think and feel themselves able to be and do. Methodologically, it suggests that the primary reliance on quantitative measures should be complemented by more qualitative approaches to give a more rounded appreciation of how people view their lives. Three approaches are presented: qualitative analysis of interview text; statistical analysis comparing a single measure of happiness with a broader, domain-based approach; and mixed qualitative and quantitative data generated from an individual case.     

评估准则为评估工作提供了有力保障

1978年,伟大的中国领导人邓小平提出了＂改革开放＂这一伟大创新,开创了建设有中国特色社会主义的新纪元。他当时说过要＂摸着石头过河＂。近30年过去了,这条＂河＂被稳健地跨了过去。如今,中国已跃居世界第四大经济体．成为一个经济大国。随之而来的是．需要继续建设现代化的经济基础,保障作为中国金融系统和金融体系的重要组成部分的有效的资产市场。