Douglass North, along with Ronald Coase and Oliver Williamson, transformed the early intuitions of new institutional economics into powerful conceptual and analytical tools that spawned a robust base of empirical research. NIE arose in response to questions not well explained by standard...

In this paper, I focus on the extension of transaction costs to appropriative activity and coercive power in the property rights approach. It has been argued that including the costs of appropriation and violent enforcement in transaction costs is based on the assumption that Coaseian bargaining...

New Institutional Economics, based on the Coasean comparative approach, offers a highly useful framework for research on environmental problems. We propose a tentative analytic framework for environmental problems and we try its heuristic power by first applying it to the Poitou-Charentes...

In this paper we deal with a utility maximization problem at finite horizon on a continuous-time market with conical (and time varying) constraints (particularly suited to model a currency market with proportional transaction costs). In particular, we extend the results in Campi and Owen (2011)...

The central message conveyed in this chapter is that there is a whole class of economic organizations that contribute substantially to what Coase (1992) called "the institutional structure of production". These arrangements fall neither under pure market relationships nor within 'firm...

VNF (2010)'s statistical data show a remarkable resilience of inland navigation in France during the recession. Yet at least part of the profession is in crisis: the boatmen are now likely to be close to bankruptcy. Key players in the fully liberalized (since 2000) spot market, small independent...

Public-Private Partnership has been high on the agenda of public decision makers since the 1990's. Primarily a contractual approach to the delivery of infrastructures, goods and services traditionally provided by the public sector or by private operators submitted to tight regulation, PPP is...

The enforcement of contracts is necessary for efficient exchange in economic activities. The predominance in agriculture of informal contracts leads in many countries to the implementation of specific legal rules for contract law. This article emphasises the complementarities between public and...

This paper investigates the problem of hedging European call options using Leland's strategy in stochastic volatility markets with transaction costs. Introducing a new form for the enlarged volatility in Leland's algorithm, we establish a limit theorem and determine a convergence rate for the...

Oil nationalism cycle reflects the difficulties encountered by oil states, international oil companies (IOCs) and national oil companies (NOCs) in establishing order over and above the conflicts in upstream oil transaction. By drawing on transaction cost theory, this article identifies the...