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Institutions, rules and equilibria: a commentary

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  • BINMORE, KEN

Abstract

This brief note is a commentary on Hendriks and Guala's (2014) unification of the institutional theories of Lewis, North, and Searle. It argues that the equilibrium theory of Lewis is fundamental and that the kind of equilibrium best suited in this role remains the orthodox notion of Nash.

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  • Binmore, Ken, 2015. "Institutions, rules and equilibria: a commentary," Journal of Institutional Economics, Cambridge University Press, vol. 11(3), pages 493-496, September.
    • Handle: RePEc:cup:jinsec:v:11:y:2015:i:03:p:493-496_00
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    Cited by:

    1. Pietro Guarnieri, 2017. "Commitment to norms and the formation of institutions," Discussion Papers 2017/227, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.

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