By Jan Sammeck
The notion of self-regulation as an device in a position to mitigating socially bad practices in industries - akin to corruption, environmental degradation, or the violation of human rights - is receiving huge attention in concept and perform. by way of forthcoming this phenomenon with the speculation of the hot Institutional Economics, Jan Sammeck develops an analytical procedure that issues out the serious mechanisms which come to a decision in regards to the effectiveness of this device. via integrating thought with sensible examples of self-regulation, this research highlights the need to examine the institutional incentives of an undefined, on the way to come to a legitimate judgement in regards to the feasibility and effectiveness of this device in a given situation.
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Extra info for A New Institutional Economics Perspective on Industry Self-Regulation
65 It is assumed that whichever action returns the subjectively highest payoff will be chosen. 61 Simon (1947, 1959) 62 See Williamson (1985, p45/46) and Williamson (1994, p377); compare also North (1990, pp22). 63 Compare Kreps (1990, p745) and also Dixit (1996, p53). 64 Compare Boland (1981). Other, but similar maximization purposes mentioned in the literature, for example in Kaler (2000), such as revenue, growth rates, discounted cash flows, or sales figures ultimately relate to a maximization of private profits and do not constitute ultimate ends themselves.
75 Since not all possible states of the future can be anticipated, actors in hypothetical contracts may have to give a commitment to certain values, ideals, or standards (guiding values) that provide a certain assurance to stakeholders that certain paths of action are followed, even though this assurance is not in the form of a formal and explicit contract. The underlying concept in the argumentation for firms benefiting from voluntarily constraining their options for action is the idea of reputation.
Maximizing Individuals It is assumed that individual firms pursue their own interest and try to maximize utility under constraints given by the institutional order they are embedded in. 65 It is assumed that whichever action returns the subjectively highest payoff will be chosen. 61 Simon (1947, 1959) 62 See Williamson (1985, p45/46) and Williamson (1994, p377); compare also North (1990, pp22). 63 Compare Kreps (1990, p745) and also Dixit (1996, p53).
A New Institutional Economics Perspective on Industry Self-Regulation by Jan Sammeck