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Author: Andrew Schotter
Publisher: Cambridge University Press
ISBN: 9780521067133
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
This book uses game theory to analyse the creation, evolution and function of economic and social institutions. The author illustrates his analysis by describing the organic or unplanned evolution of institutions such as the conventions of war, the use of money, property rights and oligopolistic pricing conventions. Professor Schotter begins by linking his work with the ideas of the philosophers Rawls, Nozick and Lewis. Institutions are regarded as regularities in the behaviour of social agents, which the agents themselves tacitly create to solve a wide variety of recurrent problems. The repetitive nature of the problems permits them to be described as a recurrent game or 'supergame.' The agents use these regularities as informational devices to supplement the information contained in competitive prices. The final chapter explores the applicability of this theory, first by relating it to previous work on the theory of teams, hierarchies, and non-maximizing decision theory, and then by using it to provide a new approach to a variety of questions both within and outside economics.
Author: Andrew Schotter
Publisher: Cambridge University Press
ISBN: 9780521067133
Category : Business & Economics
Languages : en
Pages : 0
Get Book
Book Description
This book uses game theory to analyse the creation, evolution and function of economic and social institutions. The author illustrates his analysis by describing the organic or unplanned evolution of institutions such as the conventions of war, the use of money, property rights and oligopolistic pricing conventions. Professor Schotter begins by linking his work with the ideas of the philosophers Rawls, Nozick and Lewis. Institutions are regarded as regularities in the behaviour of social agents, which the agents themselves tacitly create to solve a wide variety of recurrent problems. The repetitive nature of the problems permits them to be described as a recurrent game or 'supergame.' The agents use these regularities as informational devices to supplement the information contained in competitive prices. The final chapter explores the applicability of this theory, first by relating it to previous work on the theory of teams, hierarchies, and non-maximizing decision theory, and then by using it to provide a new approach to a variety of questions both within and outside economics.
Author: A. Schotter
Publisher: Cambridge University Press
ISBN: 0521230446
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
This book uses game theory to analyse the creation, evolution and function of economic and social institutions. The author illustrates his analysis by describing the organic or unplanned evolution of institutions such as the conventions of war, the use of money, property rights and oligopolistic pricing conventions. Professor Schotter begins by linking his work with the ideas of the philosophers Rawls, Nozick and Lewis. Institutions are regarded as regularities in the behaviour of social agents, which the agents themselves tacitly create to solve a wide variety of recurrent problems. The repetitive nature of the problems permits them to be described as a recurrent game or 'supergame.' The agents use these regularities as informational devices to supplement the information contained in competitive prices. The final chapter explores the applicability of this theory, first by relating it to previous work on the theory of teams, hierarchies, and non-maximizing decision theory, and then by using it to provide a new approach to a variety of questions both within and outside economics.
Author: Michael Hechter
Publisher: Transaction Publishers
ISBN: 9780202368986
Category : Social Science
Languages : en
Pages : 360
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Book Description
This is the first book to present a synthesis of rational choice theory and sociological perspectives for the analysis of social institutions. The origin of social institutions is an old concern in social theory. Currently it has re-emerged as one of the most intensely debated issues in social science. Among economists and rational choice theorists, there is growing awareness that most, if not all, of the social outcomes that are of interest to explain are at least partly a function of institutional constraints. Yet the role of institutions is negligible both in general equilibrium theory and in most neoclassical economic models. There is a burgeoning substantive interest in institutions ranging from social movements, to formal organizations, to states, and even international regimes. Rational choice theorists have made great strides in elucidating the effects of institutions on a variety of social outcomes, but they have paid insufficient attention to the social dynamics that lead to the emergence of these institutions. Typically, these institutions have been assumed to be a given, rather than considered as outcomes requiring explanation in their own right. Sociological theorists, in contrast, have long appreciated the role of social structural constraints in the determination of outcomes but have neglected the role of individual agents. Michael Hechter is professor emeritus in the department of Sociology at the University of Washington. He is the author of numerous books. He became an Elected Fellow to the American Academy of Arts and Sciences in 2004 and has been featured in Who's Who. He is also currently on editorial boards for a numerous amount of journals. Karl-Dieter Opp is professor of sociology at Univesitat Leipzig. He has been a Fellow of the European Academy of Sociology since 1999 and has been member of the Council and Treasurer since 2000. He is also current on the advisory board for the magazine Mind and Society. Reinhard Wippler is professor of theoretical sociology at the University of Utrecht and scientific director of the Interuniversity Center for Sociological Theory and Methodology.
Author: Eirik G. Furubotn
Publisher: University of Michigan Press
ISBN: 9780472030255
Category : Business & Economics
Languages : en
Pages : 676
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Book Description
This second edition assesses some of the major refinements, extensions, and useful applications that have developed in neoinstitutionalist thought in recent years. More attention is given to the overlap between the New Institutional Economics and developments in economic history and political science. In addition to updated references, new material includes analysis of parallel developments in the field of economic sociology and its attacks on representatives of the NIE as well as an explanation of the institution-as-an-equilibrium-of-game approach. Already an international best seller, Institutions and Economic Theory is essential reading for economists and students attracted to the NIE approach. Scholars from such disciplines as political science, sociology, and law will find the work useful as the NIE continues to gain wide academic acceptance. A useful glossary for students is included. Eirik Furubotn is Honorary Professor of Economics, Co-Director of the Center for New Institutional Economics, University of Saarland, Germany and Research Fellow, Private Enterprise Research Center, Texas A&M University. Rudolph Richter is Professor Emeritus of Economics and Director of the Center for New Institutional Economics, University of Saarland, Germany.
Author: Jeffrey S. Banks
Publisher: Cambridge University Press
ISBN: 9780521478106
Category : Business & Economics
Languages : en
Pages : 290
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Book Description
Political economy has been an essential realm of inquiry and has attracted myriad intellectual adherents for much of the period of modern scholarship. The discipline's formal split into the distinct studies of political science and economics in the nineteenth-century, while advantageous for certain scientific developments, has biased the way economists and political scientists think about many issues, and has placed artificial constraints on the study of many important social issues. This volume calls for a reaffirmation of the importance of the unified study of political economy, and explores the frontiers of the interaction between politics and markets. This volume brings together intellectual leaders of various areas, drawing upon state-of-the-art theoretical and empirical analysis from each of the underlying disciplines. Each chapter, while beginning with a survey of existing work, focuses on profitable lines of inquiry for future developments. Particular attention is devoted to fields of active current development.
Author: Heinrich Bortis
Publisher: Cambridge University Press
ISBN: 0521570557
Category : Business & Economics
Languages : en
Pages : 467
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Book Description
This book is about the conceptual foundations of an intermediate way between liberalism and socialism. From a standpoint of economic theory, this middle way is conceived of as a synthesis of classical (Ricardian) and Keynesian political economy. While the former deals with proportions between individuals or collectives and society in tackling the problems of distribution and value on the basis of the surplus principle, the latter is concerned with the scale of economic activity as explained by the principle of effective demand. Political economy pictures the economic aspects of the functioning of the institutional system within which the behaviour of individuals is embedded. The economy considered is, primarily, neither a market nor a planned economy, but, rather, a monetary production economy. To establish an alternative to liberalism and socialism requires setting up a system of the social sciences. In this work suggestions are made for linking political economy with other social sciences, i.e. sociology, law and politics in the traditional sense, thus establishing the unity of the social sciences. In a Keynesian vein, the social sciences are conceived of as moral sciences, a view which gives rise to a specific philosophy of history. To complete the picture, issues of method associated with the theory of knowledge in the social sciences and the problem of linking theory with historical reality are also covered.
Author: Pursey Heugens
Publisher: Edward Elgar Publishing
ISBN: 9781781950333
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
Offering a diverse set of contributions to current social contracting research, this text illustrates how social contracts necessarily underlie and facilitate all forms of capitalist production and exchange.
Author: Eirik Grundtvig Furubotn
Publisher: University of Michigan Press
ISBN: 9780472086801
Category : Business & Economics
Languages : en
Pages : 576
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Book Description
A comprehensive introduction to and critical assessment of the theory and applications of the New Institutional Economics.
Author: H. Peyton Young
Publisher: Princeton University Press
ISBN: 0691214255
Category : Business & Economics
Languages : en
Pages : 208
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Book Description
Neoclassical economics as-sumes that people are highly rational and can reason their way through even the most complex economic problems. In Individual Strategy and Social Structure, Peyton Young argues for a more realistic view in which people have a limited understanding of their environment, are sometimes short-sighted, and occasionally act in perverse ways. He shows how the cumulative experiences of many such individuals coalesce over time into customs, norms, and institutions that govern economic and social life. He develops a theory that predicts how such institutions evolve and characterizes their welfare properties. The ideas are illustrated through a variety of examples, including patterns of residential segregation, rules of the road, claims on property, forms of economic contracts, and norms of equity. The book relies on new results in evolutionary game theory and stochastic dynamical systems theory, many of them originated by the author. It can serve as an introductory text, or be read on its own as a contribution to the study of economic and social institutions.
Author: Eirik G. Furubotn
Publisher: University of Michigan Press
ISBN: 0472030256
Category : Business & Economics
Languages : en
Pages : 673
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Book Description
This second edition assesses some of the major refinements, extensions, and useful applications that have developed in neoinstitutionalist thought in recent years. More attention is given to the overlap between the New Institutional Economics and developments in economic history and political science. In addition to updated references, new material includes analysis of parallel developments in the field of economic sociology and its attacks on representatives of the NIE as well as an explanation of the institution-as-an-equilibrium-of-game approach. Already an international best seller, Institutions and Economic Theory is essential reading for economists and students attracted to the NIE approach. Scholars from such disciplines as political science, sociology, and law will find the work useful as the NIE continues to gain wide academic acceptance. A useful glossary for students is included. Eirik Furubotn is Honorary Professor of Economics, Co-Director of the Center for New Institutional Economics, University of Saarland, Germany and Research Fellow, Private Enterprise Research Center, Texas A&M University. Rudolph Richter is Professor Emeritus of Economics and Director of the Center for New Institutional Economics, University of Saarland, Germany.
