Ronald Coase Institute

New Institutional Economics New Institutional Economics

https://www.coase.org/2023alumniaward.htm

Ronald Coase Institute: 2024 Panel at SIOE Conference ALUMNI PRESENT PANEL AT CONFERENCE OF SOCIETY FOR INSTITUTIONAL AND ORGANIZATIONAL ECONOMICS June 28, 2024 University of Chicago, Chicago, IL, USA

Paulo Furquim de Azevedo receives the Outstanding Alumni Achievement Award for 2023.

Board of Ronald Coase Institute meets on June 27, 2024 at the University of Chicago, where Ronald Coase taught for many years. From left to right: Scott Gehlbach, Philip Keefer, Claude Menard, Gary Libecap, Mary Shirley, Sam Peltzman, Roger Myerson, Chengang Xu, Alexandra Benham, and Lee Benham

Gala dinner for donors, friends, alumni and faculty of the Ronald Coase Institute at the historic Quadrangle Club of the University of Chicago on June 29, 2024.

Ronald Coase Institute: 2024 Alumni Conference Scenes The Ronald Coase Institute promotes research using the tools of new institutional economics to better understand how real economic systems work and how institutions affect transaction costs. It encourages comparative analysis and collaborative research across countries and disciplines, and conducts....

Ronald Coase Institute: 2023 Alumni Conference Scenes The Ronald Coase Institute promotes research using the tools of new institutional economics to better understand how real economic systems work and how institutions affect transaction costs. It encourages comparative analysis and collaborative research across countries and disciplines, and conducts....

The Ronald Coase Institute
Book Series On New Institutional Economics
At Cambridge University Press
The Ronald Coase Institute is inaugurating a lecture and book series on new institutional economics that will be published by Cambridge University Press. The founding editors are Alexandra Benham, Lee Benham, and Mary Shirley. Two inaugural volumes are underway.

Ronald Coase, Douglass North, Elinor Ostrom, Oliver Williamson, and many subsequent scholars have shown that institutions - laws, rules, norms and culture - are essential to understanding economic phenomena. Much empirical research has confirmed the significance of institutions for firms, organizations, legal systems, states, and societies. This research has made clear the central roles played by transaction costs, property rights, contracts, and the rule of law.

In this new series, volumes will synthesize the rich results and patterns that emerge from this body of institutional research. These volumes will integrate innovative ideas to examine links across themes. They will consider how specific institutions matter for growth and development, why certain institutions play a major role in some circumstances and not in others, why different institutions persist and why they change, how cognitive and contextual factors influence firms’ governance and contractual choices, and more. This new series will provide an outlet for broad-ranging analyses with the extensive contextual material that institutional investigations need.

The advisory board for this series will help to identify innovative themes, recruit new authors, review proposals, and promote the series. Advisory board members are Paulo Furquim de Azevedo, Brazil; Sebastian Galiani, USA; Cheryl Xiaoning Long, China; Claude Menard, France; Michael Rochlitz, Germany; and Maros Servatka, Australia.

The inaugural volumes in this series will be:
Gary Libecap, Economic Property Rights: Promises and Constraints

Sebastian Galiani and Gustavo Torrens, Endogenous Institutions: Roles and Determinants

Douglas W. Allen and Bryan Leonard, Why The Rush? The Evolution of Homesteading on the American Frontier.

For more information, contact: submissions at

The Ronald Coase Institute: Research on Institutions that Govern Real Economic Systems The Coase Institute is launching a book series on new institutional economics to be published by Cambridge University Press. See details.

2022 Alumni Award For Outstanding Achievement: Georgy Egorov
The Ronald Coase Institute Award for Outstanding Achievement recognizes annually the graduate of the Institute's workshops who best exemplifies the impact of the Institute’s training and continuing scholarly support.

The award includes a $1,000 prize and a trophy of recognition. It was created through the ideas and generosity of an admirer of the Institute. Final decisions are made by the Board of Directors.

The winner of the 2022 Award for Outstanding Achievement is Georgy Egorov (2004 Tucson workshop). He accepted the award during the alumni conference dinner in Frankfurt, Germany on August 27, 2023.

2022 alumni award winner - Georgy Egorov
About Georgy Egorov

Georgy Egorov is James Farley/Booz, Allen & Hamilton Research Professor, and Professor of Managerial Economics and Decision Sciences, Kellogg School of Management, Northwestern University.

His research interests include political economy of democracies and non-democracies, dynamics of institutions, culture, and topics in economic theory. He is currently working on questions related to weak institutions and their dynamics, interaction between market and non-market actors in business environments, and social image considerations in strategic decisions. His papers have been published in leading journals, including Econometrica, American Economic Review, Quarterly Journal of Economics, Journal of Political Economy, Review of Economic Studies, and American Political Science Review.

He is an alumnus of the Ronald Coase Institute and has been a faculty member in its webworkshops and a presenter at its panels.

Acceptance Speech by Georgy Egorov

I am deeply grateful and honored to receive the alumni award from the Ronald Coase Institute.

I got to know about Ronald Coase Institute from an earlier alumnus, Konstantin Sonin – who went on to become one of the previous recipients of this award. When I participated in the RCI Workshop in Tucson, Arizona, in 2004, I had just finished the Master’s program at the New Economic School. Research appealed to me – and at the time, it was understanding the workings of non-democratic regimes, mostly from a theoretical perspective. The project we had started working on was about dictators and their viziers, where we sought to understand why, fundamentally, real-life dictators are different from Olsonian “stationary bandits”.

Konstantin recommended that I attend the RCI Workshop with that project – which I did and which became an important formative experience. The project itself of course benefited from the presentation and comments from the faculty – and in particular discussions with John Nye, Philip Keefer, and Scott Gehlbach. I vividly remember discussions with them – not the least because the desert scenery of a resort in Tucson was so memorable. It was a pleasure – and in a certain sense a relief – to find many renowned scholars for whom thinking about big questions in institutional terms is natural, for whom understanding the world through the lens of information frictions and transaction costs and not just efficiency frontiers is the way to do so.

But perhaps more important was the general sense of encouragement that I heard and felt from faculty. Alexandra and Lee Benham, and Mary Shirley taught me that having a concrete and interesting question that does not coincide with what others are doing is a good thing. That understanding agency frictions in nondemocratic governments is a question that belongs to economics. That I should go forward and work on it. And – like many of us have seen time and time again – they advised on what I should do to persuade others of the importance of my question and they were somehow confident that I can do that.

After the workshop, I went on, I applied for PhD and got admitted to Harvard. This enabled me to learn from perhaps the best institutionalists in the world – Jim Robinson from the government department and Daron Acemoglu from MIT. Daron, Konstantin, and I co-authored a series of papers on institutional dynamics and collective decision making that I’m very proud of. Over time I became interested in other phenomena – populism, corporate activism, and understanding political expression, among others. The ideas of transaction costs, information frictions, imperfect contracts, and institutions that arise as a result, are central to all these questions.

I am – and we all should be – grateful to the Ronald Coase Institute. My work on political economy would not be possible without the foundational work on institutions. My personal trajectory could take a different – and likely not better – path if not for the experience, feedback, and encouragement I got in Tucson. I am proud to be an alumnus of Ronald Coase Institute – and I am honored to accept this award. Thank you very much!

Scott Gehlbach joins Coase Institute Board of Directors

Scott Gehlbach has joined the Board of Directors of the Ronald Coase Institute. Gehlbach is the Elise and Jack Lipsey Professor in the Department of Political Science, the Harris School of Public Policy, and the College at the University of Chicago. He has been a frequent faculty member at Coase Institute workshops, panels, and conferences. He is currently President-Elect of the Society for Institutional and Organizational Economics.

If you’re a Ronald Coase Institute alumni or faculty, and you didn’t receive an email from me recently, please send me a message. We have an event coming up you’ll want to hear about.

What rules do autocrats live by? Why do autocracies have institutions? What
do autocracies have in common? Georgy Egorov will discuss these questions,
focusing especially on two institutions: the institutions of succession and the institution of censorship. Egorov is professor of managerial economics and decision sciences at the Kellogg School of Management at Northwestern University. He has written extensively about weak institutions and political economy of non democracies and about institutional dynamics more broadly.
(See his website:
https://www.kellogg.northwestern.edu/faculty/egorov/main.html
)
The discussant will be Michael Rochlitz, professor of institutional
economics at the University of Bremen. He investigates the interrelationship
between political institutions, economic development, and societal change
with a focus on Russia, the former Soviet Union and China. Following his
comments, we will invite your questions and observations.
Join us for a stimulating discussion on Zoom on Thursday, March 2, 2023 at
11:00 am Eastern Standard Time (1600 UTC). To attend, please register by
clicking the link below, or copying and pasting it into your web browser.

Register Here!


Mary M. Shirley
President, Ronald Coase Institute

Welcome! You are invited to join a webinar: Discussion of autocratic institutions.. After registering, you will receive a confirmation email about joining the webinar. What rules do autocrats live by? Why do autocracies have institutions? What do autocracies have in common? Georgy Egorov will discuss these questions, focusing especially on two institutions: the institutions of succession and the institution of censorship. Egorov is professor of managerial economic...

What rules do autocrats live by? Why do autocracies have institutions? What
do autocracies have in common? Georgy Egorov will discuss these questions,
focusing especially on two institutions: the institutions of succession and the institution of censorship. Egorov is professor of managerial economics and decision sciences at the Kellogg School of Management at Northwestern University. He has written extensively about weak institutions and political economy of non democracies and about institutional dynamics more broadly.
(See his website:
https://www.kellogg.northwestern.edu/faculty/egorov/main.html
)
The discussant will be Michael Rochlitz, professor of institutional
economics at the University of Bremen. He investigates the interrelationship
between political institutions, economic development, and societal change
with a focus on Russia, the former Soviet Union and China. Following his
comments, we will invite your questions and observations.
Join us for a stimulating discussion on Zoom on Thursday, March 2, 2023 at
11:00 am Eastern Standard Time (1600 UTC). To attend, please register by
clicking the link below, or copying and pasting it into your web browser.

Register Here!


https://us06web.zoom.us/webinar/register/WN_2J4CXyweRrKyOTkoA-rhRw


Mary M. Shirley
President, Ronald Coase Institute
www.Coase.org

The Ronald Coase Institute: Research on Institutions that Govern Real Economic Systems The Coase Institute is launching a book series on new institutional economics to be published by Cambridge University Press. See details.

https://www.sioe.org/conference/2023

SIOE 2023 | SIOE 27th Annual SIOE Conference.Thursday, August 24 through Saturday, August 26, at Goethe University Frankfurt, Germany. Submission deadline: 31st March, 6pm ET = midnight CET.We expect the decisions to be communicated by email by end of May. Online submission form The Society for Institutional and Org...

We are excited to offer again our online program for young scholars worldwide: the Ronald Coase Institute Webworkshop on Institutional Analysis.

Participants learn to improve their research and presentation skills while deepening their knowledge of institutional analysis. This program is adapted from our highly acclaimed in-person workshops

PLEASE SHARE!

Ronald Coase Institute: What's New

Ronald Coase Institute - Webworkshop on Institutional Analysis November 28 - December 7, 2022

Apply by Saturday, October 22, 2022

Attend an online workshop for young scholars worldwide that will help you improve
your research and presentation skills and deepen your knowledge of institutional analysis.
Attend this small and highly focused online workshop to
Present your research in new ways - informally and formally - with extensive feedback. Receive intensive mentoring from six full-time faculty, plus comments on your final
presentation from faculty selected specifically given your research focus.
Hear faculty discuss institutional research and strategies to formulate questions, develop
analysis, and communicate results.
Network closely with others who have an enduring interest in institutional analysis,
and become part of a scholarly network from 77 countries.

This program is adapted from the Coase Institute’s highly acclaimed in-person workshops since 2001. The online format allows for more faculty to target discussions towards participants’ specific research areas. Previous webworkshop participants speak highly about how much they learned from the insightful faculty comments on their work. Participants may also record their own presentation session.

Faculty
Faculty will include Alexandra Benham (Ronald Coase Institute), Lee Benham (Ronald Coase Institute), Sebastian Galiani (University of Maryland), Scott Gehlbach (University of Chicago), Philip Keefer (Inter- American Development Bank), Marc Law (University of Vermont), Claude Menard (University of Paris Pantheon-Sorbonne, emeritus), Roger Myerson (University of Chicago), Mary Shirley (Ronald Coase Institute), David Skarbek (Brown University), Konstantin Sonin (University of Chicago), Barry Weingast (Stanford University), Colin Xu (World Bank), and more.

Schedule
Sessions will take place during 5 days within the period November 28 - December 7, 2022,
meeting for 4 -5 hours each day. Meeting days will alternate with break days, giving participants time to reflect on ideas and revise their own presentations. The pace will be focused and rewarding.

Who is eligible?
Social scientists early in their academic/professional careers and advanced graduate students in economics, political science, law, and other social sciences. Work already published is not eligible, and participants of earlier Coase Institute workshops are not eligible.

Selection
Twelve participants will be selected competitively on the basis of their research abstracts, CVs, and references. Admissions decisions will be announced by the start of November.

How to apply (by Saturday, October 22, 2022)
Apply online at https://www.coase.org/webworkshopapplication.htm
There you will need to upload your research abstract (350 words max), 1-page CV, statement of purpose, and the names of two references. Please submit all materials in English, the language of the workshop.
Cost
The registration fee to attend the webworkshop is $200 USD.
For further details, see https://www.coase.org/whatsnew.htm

Ronald Coase Institute: What's New

Economics of the Industrial Revolution George Mason University professor John Nye taught a class about the economic history of the Industrial Revolution in the United States and Great Britain. George Mason University is located in Fairfax, Virginia.

Please share!

Ronald Coase Institute Zoom Webinar on the recently published Advanced Introduction to New Institutional Economics, April 14 at 10:00 am EDT (14:00 UTC)

Why are some countries rich and some countries poor?

Why are some activities organized as firms, others as markets, and others as a hybrid of the two? When are shared resources over exploited?

The recently published Advanced Introduction for New Institutional Economics explores NIE's answers to these and many other fundamental questions. The book provides a comprehensive guide to NIE's main branches, focusing on the governance of transactions and organization (identified with Oliver Williamson), the institutional environment (Douglass North), and the role of communal institutions and collective action (Elinor Ostrom). It explores how NIE has transformed perspectives on collective action, state and legal institutions, public policy and regulation, and economic growth.

Join the authors -- Claude Menard and Mary Shirley -- for a presentation of their new book. Philip Keefer will kick off the discussion and there will be time for you to ask questions and make comments. Those who register for the webinar will receive a 50% discount on the purchase price of the book.

To attend, please reply to Darin Hargis at [email protected] and we will send you a link to the event as the time nears.

Claude Menard is Professor (Emeritus) of Economics, Centre d’Economie de la Sorbonne, Université de Paris (Panthéon-Sorbonne).

Mary Shirley is President of the Ronald Coase Institute.

Philip Keefer is Principal Economic Advisor of the Institutions and Development Department at the Inter-American Development Bank and Vice President of the Ronald Coase Institute.

https://smile.amazon.com/Advanced-Introduction-Institutional-Economics-Introductions/dp/1789904501/ref=mp_s_a_1_1?crid=3KSLQHTXBGLBR&keywords=advanced+introduction+to+new+institutional+economics&qid=1648900780&sprefix=advanced+introduction+to+%2Caps%2C140&sr=8-1

Advanced Introduction to New Institutional Economics ‘This Advanced Introduction provides a terrific exposition of New Institutional Economics. The foundations of transaction costs, property rights, and contracting produce applications concerning institutions large and small, covering a substantial share of economic activity. Much of the world's eco...

https://www.sioe.org/news/2022-awards-announcement-and-call-nominations

2022 Awards: Announcement and Call for Nominations | SIOE Feb 25, 2022 pruferj By Bob Gibbons The Society for Institutional and Organizational Economics awards prizes in institutional and organizational economics, named after the four Nobel Prize winners closely linked to the society. The awards are as follows. A Ronald Coase Best Dissertation Award(annual...

Študuj ekonómiu na NHF EUBA - pridaj sa k najlepším študentom ekonómie! Vyber si niektorý z našich skvelých študijných programov, ktoré Ti zaručia 100% uplatnenie a skvelú kariéru v ekonómii a financiách.

Why is trust lower in Latin America than anywhere else in the world?

The challenge of studying informal institutions
Trust is essential for social cohesion and economic development, yet it remains a mystery in many ways. Join Gustavo Torrens for an interview with Philip Keefer and Carlos Scartiscini on their recent book on trust and social cohesion (Trust: The Key to Social Cohesion and Growth in Latin America and the Caribbean (iadb.org)).

With a wealth of new data, the book documents the region's low levels of trust in others, governments, and firms and its profound implications for collaboration and innovation inside both firms and the public sector, for investment, and for democratic decision making.

Gustavo will query the authors on their findings, and also on how they confronted the challenges of doing research on trust and their advice for scholars studying trust and other informal institutions. If you are interested in institutions, trust, culture, or Latin America, you will not want to miss this exciting interview. 

Philip Keefer is Principal Economic Advisor of the Institutions and Development Department at the Inter-American Development Bank and Vice President of the Ronald Coase Institute.

Carlos Scartiscini is head of the Development Research Group of the Research Department at the IDB.

Gustavo Torrens is Associate Professor of Economics, Indiana University and Director of the Political Economy Program of the Ostrom Workshop.

This Zoom webinar will take place on Friday, February 25, 2022, at 11 Eastern Standard Time. To attend, please reply to Darin Hargis at [email protected] and we will send you a link to the event as the time nears.

Inter-American Development Bank - IADB.org | IADB IDB Sets Record $23.4 Billion in 2021 Financing & Mobilization, Surpassing Prior Estimate The total includes record levels of financing for climate-related projects and for strengthening supply chains, as well as record private-sector mobilizations by IDB Invest. Read more

New book by one of our faculty:

Home Be it a medical breakthrough, a policy initiative, a product innovation, or a social movement, translating an idea into widespread impact depends on one thing only: whether it can be replicated at scale.

Good news! The publisher, Edward Elgar, has agree to give a 50% discount to Coase Institute alumni and faculty on the Advanced Introduction to New Institutional Economics when they go the book page on the Edward Elgar website (link below) and enter the code MENA50. This code can be redeemed until the end of March.

The Advanced Introduction to New Institutional Economics by Claude Menard and Mary M. Shirley will shortly be published by Edward Elgar. The book explores NIE’s answers to fundamental questions about the organization, growth and development of economies, such as why are some countries rich and others poor? Why are activities organized as firms or markets or through alternative organizational solutions? When are shared resources over exploited? It elucidates the essence of NIE's main branches and explores how NIE has transformed perspectives on such issues as collective action, state and legal institutions, public policy and regulation, and economic growth. Learn more at:

Advanced Introduction to New Institutional Economics ‘This Advanced Introduction provides a terrific exposition of New Institutional Economics. The foundations of transaction costs, property rights, and contracting produce applications concerning institutions large and small, covering a substantial share of economic activity. Much of the world's eco...

https://call.sioe.org

Call for papers: 26th Annual ISNIE / SIOE Conference

PhD in International and public Law, Ethics and Economics for Sustainable Development
Università degli Studi di Milano
CALL TO APPLICATION - deadline 1st September 2021

The International PhD Programme in Law, Ethics & Economics for Sustainability (LEES) is a joint program of Milan, Rijeka and Maastricht Universities (talks are ongoing to extend partnerships to other universities as well) and a large network of international cooperation worldwide (see the list and the international scientific committee). The LEES aims at the creation of a global interdisciplinary research community that shares a commitment to the goals of sustainability.
Such a community will be devoted to promoting an interdisciplinary, integrated research approach to global concerns, able to foster a process of change in which the exploitation of resources, the direction of investments, the orientation of technological innovation, the model of economic development and organization, and the resulting institutional change, are all made consistent with the future, as well as the present needs of humankind, granting self-determination, equal treatment and social justice to each of its members, in harmony with the preservation of the ecosystem.

VACANCIES
6 Doctoral Research Positions in Law, Ethics and Economics for Sustainable Development (LEES)

The LEES program is seeking six outstanding and committed students to carry out a three-year multidisciplinary research project, based at more than one participating university (see the call for application, the course websiteand the department website).

We are launching LEES, a doctoral programme in International and Public Law, Ethics and Economics for Sustainable Development. With courses, seminars, and scientific research activities entirely in English, it addresses the complexities involved in sustainable development, and uses an innovative multidisciplinary approach that combines the contributions of law, ethics, and economics. The broad interdisciplinary view that guides the PhD programme is here attached.

The programme is managed by a highly qualified international doctoral board and an international scientific council composed by top scholars in the relevant fields of law, ethics, and economics, which will advise the board on the development of research lines and the programme of the yearly international workshops and summer schools.

The first year of the programme will be based in Milan, where the PhD students will attend courses and seminars, and participate in the activities and events of the academic community of the Department. Some restrictions due to the COVID-19 pandemic may still apply to the 2020-2021 academic year. The University of Milan is poised to provide both online and in-person lectures as well as meetings for small groups. We are committed to restoring the kind of interpersonal relationships typical of a vibrant community of scholars as soon as possible. The second and third years will mainly be dedicated to students’ own personal research projects and to participating in the large-scale joint project by working with one of our partner universities, with the cooperation of their advisors, selected from the doctoral board or the scientific council, two notably international bodies. To enable their participation in the joint project, students will have access to additional funding and will have the opportunity to carry out part of their research either in one of the other associate universities – Rijeka or Maastricht – or in another partner university (see full list attached) depending on the project and the agreements which will be set up. PhD candidates who choose to work with one of the partner universities will receive, by activating a double degree agreement, and in addition to the joint degree from the three associate universities, a degree from the applicable partner university, as well.

The candidates must be prepared to be both visionary and ambitious, in order to alter the current, unsatisfactory trajectory of development by taking intellectual risks. They must be devoted to social justice and committed to enhancing the quality of research in one or more of the Ph.D. research fields, as well as open to and interested in using research methodologies in different fields (Law, Ethics, and Economics). Candidates must have the preparation and the ability to pursue innovative results at the frontiers of research, where unsolved problems call for interdisciplinary approaches and contributions, and submit a project in line with at least one of the many proposed lines of research. The many issues brought to the fore by the COVID-19 crisis, which touch on health, environmental, social, and economic dimensions, serve to confirm the pressing need for an innovative and interdisciplinary approach to sustainable development, in line with LEES research.
LEES lines of research focus on, in particular: re-thinking legal, ethical, and economic approaches to sustainability; social justice and theories of justice; environmental issues; public options for sustainable development; governance of the common sphere; corporate social responsibility; innovation technologies; and human rights (see thefull list).

If you are interested, please submit your application no later than 1 September 2021 through the University of Milan submission system (see thecall for applicationscontaining all the requirements and information to submit your application). A first ranking will be published before 13 September, and the interviews will start on 16 September. Start date: 2 November 2021.

For additional information, you may contact: [email protected].

This programme is for you if you:
have at least five previous years of academic background in one of the Ph.D. disciplines (Law; Economics; Ethics; Political theory and sciences; Environmental and sustainability sciences; Philosophy);
are willing to change the current, unsatisfactory trajectories of development;
are sensitive to social justice;
are open to and interested in using research methodologies in different fields;
are prepared to work in different environments;
are proficient in English;
have very good scientific writing and communication skills.

We offer:
a PhD programme earning a joint degree in at least three different countries;
a list of partner universities that will allow you to carry out fully multidisciplinary and international research;
an extensive board of experts standing by to assist you in your research;
a PhD scholarship which includes a monthly gross salary of 1365,50 €, for 3 years;
additional funds to facilitate your mobility;
a full-time Ph.D. programme without any teaching duties;
our beautiful academic campus located in the heart of downtown Milan;
interaction with top scholars members of the international scientific council and with the excellent faculty and staff of our innovative LLM Programme in Sustainable Development, a diverse academic community that brings together minds from 10 different countries;
participation in a large-scale research project with the potential to have wide-ranging implications for the sustainability of future international development.