Journal ArticleDOI
Quality Shipping and Incentive Schemes: From the Perspective of the Institutional Economics
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In this article, the authors explain how incentives are being incorporated in the governance structure of shipping and influence the evolution of institutions functioning under the shipping culture, which is embedded in the minds of people.Abstract:
With serious maritime accidents not showing signs of decrease, concern over the quality of shipping is growing more than ever. Many maritime rules and regulations are implemented to regulate shipping. However, they are only to set out the minimum standard. More proactive measures using incentives have recently been introduced to promote a higher level of governance in ship management and operation. The original and the new institutional economics give interesting perspectives on the governance structure and the institutional environment surrounding these phenomena of shipping transactions. The concepts of bounded rationality and opportunism in institutional economics are applicable to shipping. Incentive schemes can be seen as the agents of change. This paper intends to explain how incentives are being incorporated in the governance structure of shipping and influence the evolution of institutions functioning under the shipping culture, which is embedded in the minds of people.read more
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References
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Book
Institutions, Institutional Change and Economic Performance
TL;DR: Douglass C. North as discussed by the authors developed an analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies, both at a given time and over time.
Posted Content
Institutions, Institutional Change, and Economic Performance
Douglass C. North,John Alt +1 more
TL;DR: In this article, the authors examine the role that institutions, defined as the humanly devised constraints that shape human interaction, play in economic performance and how those institutions change and how a model of dynamic institutions explains the differential performance of economies through time.
Journal ArticleDOI
The Nature of the Firm
TL;DR: In this paper, it is shown that a definition of a firm may be obtained which is not only realistic in that it corresponds to what is meant by a firm in the real world, but is tractable by two of the most powerful instruments of economic analysis developed by Marshall, the idea of the margin and that of substitution.
Book
The theory of the leisure class; an economic study of institutions
TL;DR: Aims to challenge some of man's cherished standards of behavior, with devastating wit and satire.
Journal ArticleDOI
Transaction Cost Economics: How It Works; Where It is Headed
TL;DR: The application of transaction cost economics to the study of governance is discussed in this article, where the authors present a sketch of the New Institutional Economics, with special emphasis on the "institutional environment" and "institutions of governance".