The problem of assessing a system of governance for composite services in the social economy is approached by means of original methods.The main innovation is that the welfare structure of a society is separated from the legal transaction- or institutional structure.As both the various types of...

We use experiments to compare two institutions for allocating the proceeds of team production.Under revenue-sharing, each team member receives an equal share of team output; under leader-determined shares, a team leader has the power to implement her own allocation.Both arrangements are...

This paper constructs an equilibrium model of entrepreneurial innovation where individuals differ in their attitude toward uncertainty.Unlike previous models of innovation, the firm-formation process is endogenous.An entrepreneur, who owns residual profits, utilizes an uncertain technology and...

We study an experimental market in which the structure of the information flows is endogenized. When making an offer, traders choose not only the price at which they are prepared to trade, but also the subset of traders they want to inform about the offer. This design allows for two extreme...

We study the structure of markets when traders are given the opportunity to create their own market, as on the internet.On the internet, public exchanges have in many cases been replaced by private exchanges.We use experiments to investigate possible reasons for the failure of public...

We study the choice between regulating interconnection charges or delegating their determination to the operators, both in a non-mature and a mature market. Three regulatory regimes are considered: full, cost-based and bill-and-keep. Delegation corresponds to bargaining about the interconnection...

The tensions between books and book markets as expressions of culture and books as products in profit-making businesses are analysed and insights from the theory of industrial organisation are given.Governments intervene in the market for books through laws concerning prices of books, grants for...

This paper analyses the effects of competitive pressure on a firm's incentives to undertake both fundamental research and development. It presents a new framework incorporating the selection effect of product market competition, the Schumpeterian argument for monopoly power, the Nickell/Porter...