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Claude Ménard and Mary M. Shirley

When New Institutional Economics (NIE) first appeared on the scholarly scene in the early 1970s, it was a transformative movement. NIE aimed to radically alter orthodox economics by showing that institutions are multidimensional and matter in significant ways that can be statistically measured and systematically modeled. In the decades since, thousands of articles and books have pursued this premise and NIE has evolved from an upstart movement to a major influence on researchers in economics, political science, law, management, and sociology. What made New Institutional Economics a radical idea was that it abandoned: [. . .]the standard neoclassical assumptions that individuals have perfect information and unbounded rationality and that transactions are costless and instantaneous. NIE assumes instead that individuals have incomplete information and limited mental capacity and because of this they face uncertainty about unforeseen events and outcomes and incur transaction costs to acquire information. To reduce risk and transaction costs humans create institutions, writing and enforcing constitutions, laws, contracts and regulations – so-called formal institutions – and structuring and inculcating norms of conduct, beliefs and habits of thought and behavior – or informal institutions. (Menard and Shirley, 2005, p. 1)

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Edited by Claude Ménard and Mary M. Shirley

Consisting of 30 concise chapters written by top scholars, this Research Agenda probes the knowledge frontiers of issues long at the forefront of New Institutional Economics (NIE), including government, contracts and property rights. It examines pressing research questions surrounding norms, culture, and beliefs. It is designed to inform and inspire students and those starting their careers in economics, law and political science. Well-established scholars will also find the book invaluable in updating their understanding of crucial research questions and seeking new areas to explore.
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Javier Reyes

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Javier Reyes

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Javier Reyes

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Reframing Corporate Governance

Company Law Beyond Law and Economics

Javier Reyes

This stimulating book offers an astute analysis of corporate governance from both a historical and a philosophical point of view. Exploring how the modern corporation developed, from Ancient Rome and the Middle Ages up to the present day, Javier Reyes identifies the strengths and weaknesses of the mainstream theory of the firm as put forward by the law and economics school of thought.
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Thomas Eger and Marc Scheufen

This chapter investigates the details and specialties of the academic publishing market and their relevance for OA publishing in academia. When publishing articles in academic journals, scholars are typically motivated by curiosity and expected reputation, and to a smaller extent by monetary rewards for the single publications. Whereas academic journals had been published for several hundred years by non-for-profit publishers, since the 1950s commercial publishers gained in importance. The strong bargaining power of the big five commercial publishers led to strongly increasing journal prices, which motivated the proponents of OA to vote for a new business model which provides all readers with a computer connected to the internet open access to academic articles, whereby the publication costs are covered by author fees and other revenues, instead of subscription fees.

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The Economics of Open Access

On the Future of Academic Publishing

Thomas Eger and Marc Scheufen

Addressing the recent debate on how the future of academic publishing might look in a purely digital environment, this book analyzes the experiences of researchers with, as well as attitudes towards, ‘Open Access’ (OA) publishing. Drawing on a unique, in-depth survey with more than 10,000 respondents from 25 countries, Thomas Eger and Marc Scheufen discuss their findings in the light of recent policy attempts which have been trying to foster OA, revealing considerable shortcomings and lack of knowledge on fundamental features of the academic publishing market.
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Thomas Eger and Marc Scheufen

In this chapter, we have discussed the results of an international survey of scholarly authors’ perception of and attitude towards gold and green OA. Most importantly, the likelihood of publishing articles in OA journals (the gold road) or uploading papers to OA repositories (the green road) largely depends on the discipline the scholar is affiliated with. This substantial impact of the discipline on the scholars’ publishing behaviour is driven by the discipline-specific reward systems and the varying availability of high-quality OA journals and repositories in the individual disciplines. By contrast, the scholars’ country of residence generally makes little difference. Scholarly communication is typically an international affair, and the leading OA journals and repositories attract academic authors from across the world.

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Thomas Eger and Marc Scheufen

This chapter provides a short introduction into the development of the academic publishing market and the serials crisis, the role of copyright protection in academic publishing, and the origins of open access in academic publishing.