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More on Ostrom and Williamson, and Decentralized Coordination

9 Comments / Economics / By

Lynne Kiesling Both Ostrom’s work on governance institutions and common-pool resources and Williamson’s work on governance institutions and the transactional boundary of the firm contribute meaningfully to our understanding of how individuals coordinate their plans and actions in decentralized, complex systems. One of the most important ideas that Williamson has developed in his work is …

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Nobel: Ostrom and Williamson!

5 Comments / Economics / By

Lynne Kiesling Hearty, heartfelt congratulations to Elinor Ostrom and Oliver Williamson for winning this year’s Economics Nobel! From the press release: Economic transactions take place not only in markets, but also within firms, associations, households, and agencies. Whereas economic theory has comprehensively illuminated the virtues and limitations of markets, it has traditionally paid less attention …

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Roads and Paths As Common-pool Resources, and the Problem of Governing Them

4 Comments / Economics, Sport and fitness / By

Lynne Kiesling Yesterday at Reason’s Hit & Run Tim Cavanaugh wrote about something that I’ve been thinking about for a long time: the institutions we use for governing the shared use of paths between cyclists and motorists on roads, and among cyclists, walkers, runners, rollerbladers, etc. on multi-use paths. Tim’s starting point was Christopher Beam’s …

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California Adopts Feed-in Tariff for Distributed Wind and Solar Power Systems, with Nobel Prize Notes

Economics, Electricity, Politics, Regulation / By

Michael Giberson Not all of the news this week is about Nobel prize surprises. The Los Angeles Times reports that California is adopting feed-in tariffs for distributed renewable power production: Under AB 920, the state Public Utilities Commission will set a rate for utilities to compensate customers whose solar or wind systems produce more power …

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Henderson, Smith on the Nobel and Its Implications for Economics

9 Comments / Economics / By

Lynne Kiesling Today David Henderson has penned the traditional Wall Street Journal commentary on yesterday’s Nobel award to Elinor Ostrom and Oliver Williamson. He provides an excellent summary of the importance of their work, and I recommend it to you highly. In fact, David’s theme reconciles what some commenters have observed as a political or …

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Alaska Gas Pipeline: Will the Alaska Gasline Inducement Act Get Construction Started?

Economics, Energy markets, Politics / By

Michael Giberson Last Friday, the State of Alaska received five proposals in response to a Alaska Gasline Inducement Act deadline to build a natural gas pipeline from the North Slope into Canadian and American markets. The applicants are Alaska Gasline Port Authority, AEnergia LLC, TransCanada, Sinopec ZPEB and Alaska Natural Gasline Development Authority. If the …

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Difficult Thinking About Institutional Change Ii: Organic Or Ordered Competition?

2 Comments / Economics, Electricity / By

Lynne Kiesling My first stab at answering the question at the end of my previous post starts with what I think is a basic claim, but one that does not get discussed much, or well, in electricity policy debates: All other things equal, organic competition outperforms ordered/managed competition in delivering long-run dynamic benefits to both …

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