The New Institutional Economics (NIE) emphasizes that different governance structures generate a rich variety of observed institutional arrangements. In Yarbrough & Yarbrough (1999), we extended this reasoning to argue that different governance structures also carry implications for the sets of...

Synopsis: In the most famous example of the biological process of adaptive radiation, two forces explain the fourteen distinct species of Darwin's finches on the Galápagos and Cocos Islands: First, populations adapt to their respective distinct ecological environments. Second, previously...