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A change in the legal statute may be able to force an equilibrium if it leads to a new equilibrium which implies some revised belief which sustains the equilibrium. Tirole (1996) developed a model to study group reputation and demonstrated that an anticorruption programme of sufficient duration and severity can play in switching an economy from high corruption with sustained belief it to one with low corruption and sustained belief for it. This shift has wide spread impact on all most all the sectors of the economy.
There is no doubt that the environment surrounding business organizations play an important role in influencing the decisions of those organizations and their strategic plans. That
WHAT ARE THE PRINCIPLES OF MULTI-UNIT FINANCE?
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We live in a globalized world economy. Our policy agenda, as we have discussed earlier have changed enormously to include environment, humanity in general as well as the conventio
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Only limited progress has been made in modeling of dynamic process of institutional change, therefore, limiting the concerned policy options. It has been identified that innovatio
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