scholarly journals Institutional Inertia: Persistent Inefficient Institutions in Spain

2017 ◽  
Vol 77 (3) ◽  
pp. 692-723 ◽  
Author(s):  
José-Antonio Espín-Sánchez
Keyword(s):  
Property Rights ◽  
Technological Change ◽  
Empirical Evidence ◽  
Financial Institutions ◽  
Water Rights ◽  
Temporary Increase ◽  
New Order ◽  
Water Property ◽  
Commitment Problem ◽  
The 1950S

In 1966, after more than 700 years, the irrigation community in Mula (Spain) switched from auctions to quotas to allocate water from its river. This change happened in the absence of either political or technological change. Quotas were more efficient, but required that farmers own water property rights. I develop a model in which poor farmers cannot credibly commit to purchase water rights. I show that empirical evidence on savings and prices is consistent with this interpretation. A temporary increase in output prices in the 1950s and better financial institutions allowed farmers to accumulate savings and solve the commitment problem.“There is nothing more difficult to arrange, more doubtful of success, and more dangerous to carry through, than to initiate a new order of things.”Niccolò Machiavelli,The Prince

scholarly journals Property Rights in Water and Social Conflict: An Example from Iceland

2011 ◽  
pp. 1-13
Author(s):  
Kristin Haradsdottir
Keyword(s):  
Property Rights ◽  
Natural Resources ◽  
Social Conflict ◽  
Water Rights ◽  
Constitutional Amendments ◽  
The Social

Social conflict in Iceland over property rights in natural resources has prompted a call for the introduction of a provision into the Constitution of Iceland declaring natural resources ‘the property of the nation’. The paper explores the social conflict concerning property rights in water and, based on recent proposals and recommendations for Constitutional amendments, the possible implications of such a Constitutional provision in light of existing water rights and how it accommodates the considerations raised.

scholarly journals The Efficiency of Non-Bank Financial Intermediaries: Empirical Evidence from Malaysia

2008 ◽  
Author(s):  
Fadzlan Sufian
Keyword(s):  
Risk Factors ◽  
Data Envelopment Analysis ◽  
Empirical Evidence ◽  
Financial Institutions ◽  
Economies Of Scale ◽  
Financial Intermediaries ◽  
Scale Efficiency ◽  
Data Envelopment ◽  
Parametric Data ◽  
Dea Method

This paper investigates the performance of Malaysian non-bank financial institutions during the period of 2000-2004. Several efficiency estimates of individual NBFIs are evaluated using the non-parametric Data Envelopment Analysis (DEA) method. The findings suggest that during the period of study, scale inefficiency outweighs pure technical inefficiency in the Malaysian NBFI sector. We find that the merchant banks have exhibited a higher, technical efficiency compared to their peers. The empirical findings suggest that scale efficiency tends to be more sensitive to the exclusion of risk factors, implying that potential economies of scale may be overestimated when risk factors are excluded.  

scholarly journals Regional variation in the distribution of property rights over land in sixteenth-century Ottoman rural Manisa

2020 ◽  
pp. 351-368
Author(s):  
Pinar Ceylan
Keyword(s):  
Sixteenth Century ◽  
Property Rights ◽  
Empirical Evidence ◽  
Agricultural Production ◽  
Regional Variation ◽  
Production Systems ◽  
Agricultural Production Systems

Concentrating on the Western Anatolian district of Manisa and employing tax surveys dating 1575, this study points to the regional variation in property rights institutions, which resulted in different inequality regimes across space. Empirical evidence suggests the existence of two agricultural production systems characterized by different property and surplus relations, in the southern and northern parts of the district in the late sixteenth century. Accordingly, inequality structures in these areas reflected region-specific patterns of property rights distribution within and across direct producers and landlords’ classes.

Consumer Preference for the Latest Technological Offering

2014 ◽  
pp. 93-107
Author(s):  
Derrick S. Boone Sr.
Keyword(s):  
Technological Change ◽  
Empirical Evidence ◽  
Consumer Preference ◽  
Future Generation ◽  
Technological Advance ◽  
Relative Advantage ◽  
High Tech ◽  
Purchase Decisions ◽  
Expectation Formation ◽  
Price Decline

Prior research has shown that when making high tech purchase decisions, consumers consider not only the relative advantage afforded by currently available products, but also the relative advantage expected from future generation products. Additionally, empirical evidence suggests that prices for high tech products often decline faster than the technology advances. This chapter takes both these findings into account and investigates the antecedents of expectation formation and how consumer purchase decisions for high- and low-tech products are impacted by asymmetrical rates of technological advance and price decline. Although consumers generally prefer the latest technological generation of a product, level of technological sophistication (high- vs. low-tech), rate of technological change and price decline, and expectations regarding future product introductions, based on familiarity with past product introductions, were found to moderate the effect of technological generation on preference.

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