"Our focus in this paper is with the transaction costs inherent in most decision making settings. We specifically investigate an "institution free" collective choice mechanism that includes costs to calling votes. A set of models show that under low costs (i.e., where no cost-induced equilibrium...

"While the conditions of production give some guidance to what factor groupings are desirable ceteris paribus, they do not determine the boundaries of a neoclassical firm (a legal entity with a residual claimant). Indeed, they could just as well be related to other groupings, such as...

"The classical economists were primarily engaged in analysis of the wonder that is production. The marginalists, while laying the foundation of mathematical economics, shifted its focus to rational behavior of a single consumer, presumably because there they found a problem readily amenable to...

"In this paper we formulate a cost-induced equilibrium concept. This equilibrium is generated from transaction costs connected with a sequential agenda process. Our claim is that most collective choice Institutions carry with them decision costs. If these transaction costs are very large, they...