Institutions and organizations

Abstract

Abstract Markets are not the only place where transactions take place. ‘Institutions and organizations’ highlights other platforms and institutions — families, social groups and networks, industry associations, and governments — where some transactions work better. Successful specialization and transaction have two basic prerequisites: security of property and of contract. Property rights and contract enforcement, and the state and non-state institutions of governance that control them, are considered. The needs of some specialized transactions are best met by creating special markets or market-like platforms by intermediaries for the two sides in a transaction to meet. Market design, matching markets, and auctions are discussed.

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