institutional change in a context of technological innovation. When decisions are made through majority voting, the vote on … technology choice is used to influence the later vote on the sharing rule. We show how this dynamic voting generates a systematic … leads the firm to an institutional trap whereby majority voting and inefficient technology choice reinforce each other …

persistence over time in voting decisions. I present a new theory that suggests that the excess persistence in voting decisions is … due to habit formation, which means that utility is a function of previous voting decisions. The theory is tested using … implications and reject an alternative hypothesis presented by previous voting theories. Furthermore, the structural model is used …