Increasing the realism with respect to the representation of actors, decision-making, and institutions is critical to better understand the transition towards a low-carbon sustainable society since actors, decision-making, and institutions are the defining elements of transition pathways. In...

Critical transitions for a country are historical periods when the powerful organizations in a country shift from one set of beliefs about how institutions (the formal and informal rules of the game) will affect outcomes to a new set of beliefs. Critical transitions can lead a country toward...

Possible policy implications of the New Institutional Economics are dealt with. Before spelling them out, the core questions of this research program as well as its main assumptions and hypotheses are described. Since a familiar reproach toward the New Institutional Economics is its lack of...