Benevolent Dictators and Transaction Costs
SSRN Electronic Journal
2023
- 271Usage
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Article Description
Economists and other social scientists often propose creating new institutions to improve economic welfare. However, most institutions are never adopted and remain paper dreams. In this paper, I propose a simple model of institutional change where the optimal amount of power to invest in an institution depends on the underlying distribution of power, which affects the transaction costs of building coalitions supporting a particular institution. In the model, shifts in the distribution of power affect the transaction costs of building coalitions, and ultimately the institutions themselves. An application to the international monetary system shows how the model brings together several strands of literature on institutional change in a simple framework.
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