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The New Institutional of Markets

Edited by Eirik G. Furubotn Honorary Professor of Economics and Co-Director, Center for New University of Saarland, Germany and Research Fellow, Private Enterprise Research Center, Texas A&M University, USA and Rudolf Richter Professor Emeritus of Economics and Director, Center for New Institutional Economics, University of Saarland, Germany

THE INTERNATIONAL LIBRARY OF CRITICAL WRITINGS IN ECONOMICS

An Elgar Research Collection Cheltenham, UK • Northampton, MA, USA Contents

Acknowledgements Vll Introduction Eirik G. Furubotn and Rudolf Richter ix

PART I PRECONTRACTUAL ACTIVITIES: SEARCH AND INSPECTION 1. James M. Acheson (1985), 'The Maine Lobster Market: Between Market and Hierarchy', Journal of Law, Economics and Organization, 1 (2), Autumn, 385-98 3 2. Yoram Barzel (1982), 'Measurement Cost and the Organization of Markets', Journal of Law and Economics, XXV (1), April, 27—48 17 3. Roy W. Kenney and Benjamin Klein (1983), 'The Economics of Block Booking', Journal of Law and Economics, XXVI (3), October, 497-540 39 4. Phillip Nelson (1974), 'Advertising as Information', Journal of Political Economy, 82 (4), July-August, 729-54 83 5. Joel M. Podolny (1993), 'A Status-based Model of Market Competition', American Journal of Sociology, 98 (4), January, 829-72 109 6. Walter W. Powell (1990), 'Neither Market Nor Hierarchy: Network Forms of Organization', Research in Organizational Behavior, 12, 295-336 153

PART II CONTRACTING: PRICE AND CONTRACT FORMATION 7. Dennis W. Carlton (1986), 'The Rigidity of Prices', , 76 (4), September, 637-58 197 8. (1969), 'Information and Efficiency: Another Viewpoint', Journal of Law and Economics, XII (1), April, 1-22 219 9. Armen A. Alchian and Susan Woodward (1987), 'Reflections on the Theory of the Firm', Journal of Institutional and Theoretical Economics, 143 (1), 110-36 241 10. Armen A. Alchian (1965), 'Some Economics of Property Rights', II Politico, 30, 816-29 268 11. Ian R. Macneil (1978), 'Contracts: Adjustment of Long-Term Economic Relations Under Classical, Neoclassical, and Relational Contract Law', Northwestern University Law Review, 72 (6), November-December, 854-905 282 12. Vernon L. Smith (1962), 'An Experimental Study of Competitive Market Behavior', Journal of Political Economy, LXX (2), April, 111-37 334 VI The New Institutional Economics of Markets

13. Oliver E. Williamson (1979), 'Transaction-Cost Economics: The Governance of Contractual Relations', Journal of Law and Economics, XXII (2), October, 233-61 361

PART III POSTCONTRACTUAL ACTIVITIES: EXECUTION, CONTROL AND ENFORCEMENT 14. David P. Baron (2002), 'Private Ordering on the Internet: The eBay Community of Traders', Business and Politics, 4 (3), 245-74 393 15. Peter Bernholz (1993), 'Constitutions as Governance Structures: The Political Foundations of Secure Markets: Comment', Journal of and Theoretical Economics, 149 (1), 312-20 423 16. Avner Greif (1993), 'Contract Enforceability and Economic Institutions in Early Trade: The Maghribi Traders' Coalition', American Economic Review, 83 (3), June, 525^-8 432 17. Avner Greif, and Barry R.Weingast (1994), 'Coordination, Commitment, and Enforcement: The Case of the Merchant Guild', Journal of Political Economy, 102 (4), August, 745-76 456 18. Benjamin Klein and Keith B. Leffler (1981), 'The Role of Market Forces in Assuring Contractual Performance', Journal of Political Economy, 89 (4), August, 615-41 488 19. Anthony T. Kronman (1985), 'Contract Law and the State of Nature', Journal of Law, Economics and Organization, 1 (1), Fall, 5-32 515 20. John McMillan and Christopher Woodruff (2000), 'Private Order Under Dysfunctional Public Order', Michigan Law Review, 98 (8), August, 2421-58 543 21. Paul R. Milgrom, Douglass С North and Barry R. Weingast (1990), 'The Role of Institutions in the Revival of Trade: The Law Merchant, Private Judges, and the Champagne Fairs ', Economics and Politics, 2 (1), March, 1-23 581 22. L.G. Telser (1980), 'A Theory of Self-enforcing Agreements', Journal of Business, 53 (1), January, 27^4 604 23. Barry R. Weingast (1993), 'Constitutions as Governance Structures: The Political Foundations of Secure Markets', Journal of Institutional and Theoretical Economics, 149 (1), 286-311 622