By Jan Sammeck
The concept of self-regulation as an software able to mitigating socially bad practices in industries - akin to corruption, environmental degradation, or the violation of human rights - is receiving tremendous attention in concept and perform. by way of imminent this phenomenon with the speculation of the hot Institutional Economics, Jan Sammeck develops an analytical technique that issues out the severe mechanisms which make a decision concerning the effectiveness of this software. via integrating concept with sensible examples of self-regulation, this research highlights the need to examine the institutional incentives of an undefined, which will come to a legitimate judgement concerning the feasibility and effectiveness of this tool in a given situation.
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Additional resources for A New Institutional Economics Perspective on Industry Self-Regulation
In particular, this means that certain actions are excluded from the possible set that the committed firms consider with regard to dealing with specific situations. In the case of ethical standards, this means that a collective commitment is credible when stakeholders feel assured that certain ethical norms and values will not be violated by the firms. In order for such predictability to prevail, incentives must be set that make deviations from the prescribed standards of the collective commitment unattractive.
81 When a transaction is executed, both parties usually agree on the characteristics of the entities to be exchanged before the exchange takes place. Thus, they stand the chance to be disappointed by the behavior of the other, in that he does not deliver ex post what he promised ex ante. When an individual has no information about the likelihood of the opponent sticking to the agreement, he might not engage in otherwise beneficial exchange, because of the fear of being exploited. Reputation closes this information gap in that it allows for deriving inferences from past behavior about the likely future actions of an individual.
This idea opens up the analysis for a re-introduction of legitimacy into the context. Legitimacy is transferred from stakeholders to the firm in exchange for what can be considered a contribution to public welfare. That is, society considers the generation of private profits in certain circumstances legitimate, because it recognizes the benefit, which generally speaking is the creation of welfare, in exchange for being integrated into the sphere of legitimate entities of society. 83 Particular stakeholders engage in transactions with a firm in that they exchange a specific resource with the firm, such as goods, money, labor, or security of property rights.
A New Institutional Economics Perspective on Industry Self-Regulation by Jan Sammeck