The research illuminates the role of financial structure (debt or equity financing) and contract renegotiation in enabling efficient adaptation over the course of long-term exchange. I provide evidence from a dataset of electricity marketing contracts about how electricity generators and...

Since at least the early nineteenth century, much of “political economy” had become occupied with “resource allocation”. It became occupied with understanding the relative merits of economic systems coordinated by decentralized processes (market-mediated exchange) or by centralized...

By the time a young Ronald Coase was composing “The Nature of the Firm” (1937), litigation had already started wending its way through American courts that took up questions that really anticipated Grossman, Hart and Moore on control rights and Simon and Williamson on adaptation, vertical...