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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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