Private Ordering

Organizations as Relational Contracts: Lessons from a New Workshop Series

By Giorgio Zanarone

As I announced in an earlier post, on September 23-24, 2016, CUNEF hosted the second workshop on relational contracts in Madrid. The first workshop was held in 2015 in Munich, and the third one will take place this year at Kellogg. In this post, I briefly summarize a...

Economic Governance today: The Credibility Problem and the Clarity Problem

By Jens Prüfer

About 25 years ago, Avner Greif and his co-authors set out to study how the rise, mechanics, and decline of certain institutions in the European middle ages can be explained by the help of game theory (Greif 1989, 1993; Greif, Milgrom, and Weingast 1994). Soon it became...