26 Wash. U. J. L. & Pol'y 183 (2008)
Law and the New Institutional Economics: Water Markets and Legal Change in California, 1987-2005

handle is hein.journals/wajlp26 and id is 185 raw text is: Law and the New Institutional Economics: Water
Markets and Legal Change in California, 1987-2005
Jedidiah Brewer*
Michael A. Fleishman**
Robert Glennon***
Alan Ker****
Gary Libecap*****
i. INTRODUCTION
New Institutional Economics (NIE) focuses on the interaction
between legal (formal and informal) institutions and economic
behavior.' Both directions of causality concern researchers in the
field: how institutions influence economic behavior and how
economic factors affect institutional change. As such, the NIE
abandons      standard     neoclassical     economics      assumptions      that
individuals have perfect information about the market and important
current or future events, as well as the assumption that transaction
costs of exchange are zero. As a result, NIE             introduces observed
* Department of Economics University of Arizona, Tucson.
** Fleishman Law, PLC, Tucson, Arizona.
Rogers College of Law University of Arizona, Tucson.
Department of Agricultural and Resource Economics University of Arizona, Tucson.
***** Bren School of Environmental Science and Management and Economics Department,
University of California, Santa Barbara National Bureau of Economic Research Hoover
Institution October 1, 2007.
Support for this research was provided by National Science Foundation Grant 0317375; the
Robert Wesson Fellowship at the Hoover Institution, Stanford; the Julian Simon Fellowship at
the Property and Environment Research Center (PERC), Bozeman, Montana; the Earhart
Foundation; the International Center for Economic Research (ICER), Turin, Italy; the Rogers
College of Law, and the Department of Agricultural and Resource Economics, University of
Arizona.
1. For a discussion of New Institutional Economics, see HANDBOOK OF THE NEW
INSTITUTIONAL ECONOMICS (Claude Menard & Mary M. Shirley eds., Springer 2005).

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