Coalition formation is modeled as a cooperative games. Each party enters the game endowed with a weight that is a function of the proportion of the votes the party obtained in the elections, and an ideal policy position. Payoffs to parties are a function of the distance of the government's...

Formal theory has often been criticized for shying away from empirical testing, which brought some to wonder about its empirical relevance altogether. Theorists, on their side, often responded by accusing much of the empirical work in political science as being devoid of any theoretical...

The evolution of ownership institutions in landing/takeoff time slots at four high density airports is analyzed. Important insights are offered into how property rights institutions evolve, and how these institutions affect the evolution of markets. A detailed case study is presented of how...

This paper proposes an answer to the question: `What constitutes an adequate explanation to any generic institution?' I argue that if we adhere to a `rational choice' approach to the study of institutions, to explain an institution we must identify a set of actors, able to impose their will on...

It has been argued that understanding of entrepreneurship and firm behavior can be advanced by generalizing the static theory of the neoclassical firm so that it can deal with conditions in a dynamic economy. The paper rejects generalization and explains why such a shift causes the nature of the...

To date, the formulation of a systematic theory of the organization of markets has proved to be a difficult task and remains unfinished. Nevertheless, explanations do exist as to why, under given conditions, the basic activities of trade are organized in one particular fashion rather than...