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...

It has been suggested that the theory of the firm can be modified and improved by shifting to a (non-maximizing) heuristic approach that is able to explain how relatively efficient outcomes can be brought about by the use of 'fast and frugal' decision rules. The paper argues, however, that...

"The initial objective of the paper is to describe the way in which the term 'New Institutional Economics' (NIE) emerged in the literature and became the designation for a new field concerned with the study of various analytical techniques designed for the exploration of institutional phenomena....