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Shared Mental Models: Insights and Perspectives on Ideologies and Institutions

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  • Ravi K. Roy
  • Arthur T. Denzau

Abstract

This article leads off a special symposium comprised of a select group of public choice economists and political scientists that assembled to reflect on the important contribution that Arthur T. Denzau and Douglass C. North’s seminal piece on Shared Mental Models (1993) has made over the last quarter of a century. Relatedly, we apply concepts from Denzau and North’s Shared Mental Models to suggest a modified model of the Nash equilibrium used in non‐cooperative game theory to help us operationalize the “learning path” by which we can move from “siloed” thinking to a wider “systems” view of organizations, our environment, and indeed, the world. Our model has implications for the way we respond to economic crises, financial meltdowns, and global health epidemics, such as the COVID‐19 pandemic.

Suggested Citation

  • Ravi K. Roy & Arthur T. Denzau, 2020. "Shared Mental Models: Insights and Perspectives on Ideologies and Institutions," Kyklos, Wiley Blackwell, vol. 73(3), pages 323-340, August.
    • Handle: RePEc:bla:kyklos:v:73:y:2020:i:3:p:323-340
    DOI: 10.1111/kykl.12244
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    References listed on IDEAS

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    1. Zak, Paul J & Knack, Stephen, 2001. "Trust and Growth," Economic Journal, Royal Economic Society, vol. 111(470), pages 295-321, April.
    2. Smith, Adam, 1759. "The Theory of Moral Sentiments," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1759.
    3. Vernon L. Smith, 2020. "Causal versus Consequential Motives in Mental Models of Agent Social and Economic Action: Experiments, and the Neoclassical Diversion in Economics," Kyklos, Wiley Blackwell, vol. 73(3), pages 341-370, August.
    4. Arthur T. Denzau & Douglass C. North, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Wiley Blackwell, vol. 47(1), pages 3-31, February.
    5. Ron Hira, 2020. "Outsourcing: A Case of Shared Mental Models in Conflict," Kyklos, Wiley Blackwell, vol. 73(3), pages 410-435, August.
    6. Arthur T. Denzau & Henrik P. Minassians & Ravi K. Roy, 2016. "Learning to Cooperate: Applying Deming's New Economics and Denzau and North's New Institutional Economics to Improve Interorganizational Systems Thinking," Kyklos, Wiley Blackwell, vol. 69(3), pages 471-491, August.
    7. William F. Shughart & Diana W. Thomas & Michael D. Thomas, 2020. "Institutional Change and the Importance of Understanding Shared Mental Models," Kyklos, Wiley Blackwell, vol. 73(3), pages 371-391, August.
    8. Reiner Eichenberger & Rainer Hegselmann & David A. Savage & David Stadelmann & Benno Torgler, 2020. "Certified Coronavirus Immunity as a Resource and Strategy to Cope with Pandemic Costs," Kyklos, Wiley Blackwell, vol. 73(3), pages 464-474, August.
    9. Reiner Eichenberger & Rainer Hegselmann & David Savage & David Stadelmann & Benno Torgler, 2020. "Certified Corona-Immunity as a Resource and Strategy to Cope with Pandemic Costs," CREMA Working Paper Series 2020-03, Center for Research in Economics, Management and the Arts (CREMA).
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    Cited by:

    1. Michael C. Munger, 2020. "Ideology and the Direction of Causation in the Acquisition and Maintenance of Shared Belief Systems," Kyklos, Wiley Blackwell, vol. 73(3), pages 392-409, August.
    2. Ron Hira, 2020. "Outsourcing: A Case of Shared Mental Models in Conflict," Kyklos, Wiley Blackwell, vol. 73(3), pages 410-435, August.
    3. Nadia Jacobi & Vito Amendolagine, 2023. "What feeds on what? Networks of interdependencies between culture and institutions," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(2), pages 371-412, July.
    4. Vernon L. Smith, 2020. "Causal versus Consequential Motives in Mental Models of Agent Social and Economic Action: Experiments, and the Neoclassical Diversion in Economics," Kyklos, Wiley Blackwell, vol. 73(3), pages 341-370, August.

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