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Shared Mental Models: Ideologies and Institutions

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  • Denzau, Arthur T
  • North, Douglass C

Abstract

For most of the interesting issues in political and economic markets, uncertainty rather than risk characterizes choice-making. In order to understand decision-making under conditions of strong uncertainty, we must understand the relationship between the mental models that individuals construct to make sense of the world around them, the ideologies that evolve from such constructions, and the institutions that develop in a society to order interpersonal relationships. This paper develops a framework with which to understand and model the shared mental models that guide choices and shape the evolution of political-economic systems and societies. Copyright 1994 by WWZ and Helbing & Lichtenhahn Verlag AG

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Kyklos.

Volume (Year): 47 (1994)
Issue (Month): 1 ()
Pages: 3-31

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Handle: RePEc:bla:kyklos:v:47:y:1994:i:1:p:3-31

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  1. Heiner, Ronald A, 1983. "The Origin of Predictable Behavior," American Economic Review, American Economic Association, vol. 73(4), pages 560-95, September.
  2. Hahn, F H, 1987. "Information, Dynamics and Equilibrium," Scottish Journal of Political Economy, Scottish Economic Society, vol. 34(4), pages 321-34, November.
  3. Dhananjay, K.G. & Sunder, S., 1992. "A Comparative Analysis of Efficiency of Economic Institutions with Zero Intelligence Traders," GSIA Working Papers 1992-23, Carnegie Mellon University, Tepper School of Business.
  4. Thomas McCaleb & Richard Wagner, 1985. "The experimental search for free riders: Some reflections and observations," Public Choice, Springer, vol. 47(3), pages 479-490, January.
  5. Gode, D.K. & Sunder, S., 1991. "Allocative Efficiency of Markets with Zero Intelligence (Z1) Traders: Market as a Partial Substitute for Individual Rationality," GSIA Working Papers 1992-16, Carnegie Mellon University, Tepper School of Business.
  6. Jamal, Karim & Sunder, Shyam, 1991. "Money vs gaming: Effects of salient monetary payments in double oral auctions," Organizational Behavior and Human Decision Processes, Elsevier, vol. 49(1), pages 151-166, June.
  7. repec:feb:framed:00135 is not listed on IDEAS
  8. Sunder, S., 1992. "Lower Bounds for Efficiency of Surplus Extraction in Double Auctions," GSIA Working Papers 1992-17, Carnegie Mellon University, Tepper School of Business.
  9. Coursey, Don L & Mason, Charles F, 1987. "Investigations Concerning the Dynamics of Consumer Behavior in Uncertain Environments," Economic Inquiry, Western Economic Association International, vol. 25(4), pages 549-64, October.
  10. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211.
  11. Bikhchandani, Sushil & Hirshleifer, David & Welch, Ivo, 1992. "A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades," Journal of Political Economy, University of Chicago Press, vol. 100(5), pages 992-1026, October.
  12. Easley, David & Ledyard, John., . "Theories of Price Formation and Exchange in Double Oral Auctions," Working Papers 611, California Institute of Technology, Division of the Humanities and Social Sciences.
  13. La Croix, Sumner J, 1989. "Homogeneous Middleman Groups: What Determines the Homogeneity?," Journal of Law, Economics and Organization, Oxford University Press, vol. 5(1), pages 211-22, Spring.
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  1. > Schools of Economic Thought, Epistemology of Economics > Heterodox Approaches > Institutional Economics
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