By Jan Sammeck
The notion of self-regulation as an tool in a position to mitigating socially bad practices in industries - reminiscent of corruption, environmental degradation, or the violation of human rights - is receiving vast attention in conception and perform. via drawing close this phenomenon with the speculation of the hot Institutional Economics, Jan Sammeck develops an analytical method that issues out the serious mechanisms which make a decision concerning the effectiveness of this device. by means of integrating concept with functional examples of self-regulation, this examine highlights the need to examine the institutional incentives of an undefined, with a purpose to come to a legitimate judgement concerning the feasibility and effectiveness of this software in a given situation.
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Extra info for A New Institutional Economics Perspective on Industry Self-Regulation
28 The Problem with Collective Commitment Given the assumptions of maximization, bounded rationality, and opportunism, collective commitments of firms are subject to strategic behavior, which may compromise the effectiveness of such arrangements as a means to assure the adherence to ethical standards in a particular industry. Generally, one can describe strategic behavior by the assumptions about actors that they (1) make choices in anticipation of the likely choices and reactions of others, (2) are concerned about the consequences of their actions, (3) order their preferences in a broadly consistent fashion, so that they are stable across time and issues, and (4) select means that they believe will achieve better rather than worse anticipated consequences in terms of individually ordered preferences.
74 Williamson (1996, p378) 20 Hypothetical contracts may hence exist where no explicit contracts exist, as is often the case in stakeholder relations. 75 Since not all possible states of the future can be anticipated, actors in hypothetical contracts may have to give a commitment to certain values, ideals, or standards (guiding values) that provide a certain assurance to stakeholders that certain paths of action are followed, even though this assurance is not in the form of a formal and explicit contract.
In trade policy, for example, it is meaningful to speak on a broad level - of strategies of "free" versus "restricted" international trade without worrying about the myriad of nuances such as differential treatment of steel versus textiles, or the use of tariff versus nontariff barriers. Similarly, strategies of reducing military spending, of increasing international tensions, or of promoting environmental protection are each meaningful without supposing that someone has compiled an exact listing of how to pursue that policy under every conceivable contingency.