We explore the optimal delegation of decision rights by a principal to a better informed but biased agent. In an infinitely repeated game a long-lived principal faces a series of short-lived agents. Every period they play a cheap talk game a la Crawford and Sobel (1982) with constant bias,...

By examining several different types of open institutions including open source software, open science, open square and (open) urban planning, this paper presents a general analysis of open institutional structure that is complementary to traditional proprietary mode. We argue that open...

This paper analyses the importance of human capital and organizational capital on the determination of SME’s performance, by proposing and testing a conceptual model about Individual Entrepreneurship Capacity, and its impact both on non-economic and economic performance. This constitutes an...

This paper presents a new framework for analysis and improvement of environmental management based on the achievements of the New Institutional and Transaction Costs Economics. Following that new framework we first, identify the major environmental problems and risks in Bulgarian agriculture....

The present paper is based on a case study: the Ibero-American hotel Industry and their evolution inside the process of international expansion. Through economic, sequential and strategic approaches that study the internationalization phenomenon , a theoretical-empiric analysis of strategies and...

Land, labor, indigenous knowledge and institutional resources of producers in the Central Highlands of Ethiopia are investigated. Frequency distribution and comparative statistical analysis of the two regions with respect to these and other parameters suggest that in a situation where all...

In this paper it is argued that privatization is not the only alternative to public ownership. Adopting the incomplete contract approach, it is shown that partial privatization may well be the optimal ownership structure. While in the standard incomplete contract model joint ownership is usually...

We revisit Greif's (1993) analysis of trade between the 11th-century Maghribi traders and present two different models which bring into play, in an essential way, historical features of the Maghribi's organization which had no role in Greif's own analysis. Our reformulation of the Maghribi's...

This paper identifies and assesses the efficiency of major modes for risk governance in agriculture on the base of Bulgarian dairy farming. Firstly, the New Institutional and Transaction Costs Economics is incorporated and a framework for analysis of the governance of natural, market, private,...

This Study provides a conceptual framework to study the impact of rural infrastructure investment in market development and in the enhancement of income generating opportunities for the poor in rural Peru. The study uses descriptive methods and regression analysis together with relatively new...