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A Microeconomic Analysis of Institutions

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Author Info

  • Olsson, Ola

    ()
    (Department of Economics, School of Economics and Commercial Law, Göteborg University)

Abstract

This survey paper has three themes; a microeconomic analysis of institutions, an institutional analysis of microeconomics, and a discussion on the scope for an "institutional microeconomics" that takes insights from psychology and older institutional theory into account. Institutions are defined as the long-run rules of the economy that have the character of public goods and whose main function is the reduction of transaction costs. The institutional requirements for the Walrasian equilibrium and for a cooperative solution in a Prisoner’s Dilemma-like game, are thoroughly analyzed. The paper briefly surveys the main results from the OIE and NIE-schools and discusses the possibilities of an interdisciplinarily oriented institutional microeconomics.

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File URL: http://swopec.hhs.se/gunwpe/papers/gunwpe0025.pdf.zip
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File URL: http://swopec.hhs.se/gunwpe/papers/gunwpe0025.ps.zip
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File URL: http://swopec.hhs.se/gunwpe/papers/gunwpe0025.ps
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Bibliographic Info

Paper provided by University of Gothenburg, Department of Economics in its series Working Papers in Economics with number 25.

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Length: 24 pages
Date of creation: 08 Jun 2000
Date of revision:
Handle: RePEc:hhs:gunwpe:0025

Contact details of provider:
Postal: Department of Economics, School of Business, Economics and Law, University of Gothenburg, Box 640, SE 405 30 GÖTEBORG, Sweden
Phone: 031-773 10 00
Web page: http://www.handels.gu.se/econ/
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Related research

Keywords: institutions; microeconomics; Walrasian equilibrium; game theory;

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References

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  1. Matthew Rabin, 1998. "Psychology and Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 11-46, March.
  2. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output per Worker than Others?," NBER Working Papers 6564, National Bureau of Economic Research, Inc.
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  7. Eggertsson,Thrainn, 1990. "Economic Behavior and Institutions," Cambridge Books, Cambridge University Press, number 9780521348911, November.
  8. Menard, Claude, 1995. "Markets as institutions versus organizations as markets? Disentangling some fundamental concepts," Journal of Economic Behavior & Organization, Elsevier, vol. 28(2), pages 161-182, October.
  9. Douglass C. North, 1996. "Economics and Cognitive Science," Economic History 9612002, EconWPA.
  10. Samuels, Warren J, 1995. "The Present State of Institutional Economics," Cambridge Journal of Economics, Oxford University Press, vol. 19(4), pages 569-90, August.
  11. Field, Alexander James, 1984. "Microeconomics, Norms, and Rationality," Economic Development and Cultural Change, University of Chicago Press, vol. 32(4), pages 683-711, July.
  12. Samuel Bowles, 1998. "Endogenous Preferences: The Cultural Consequences of Markets and Other Economic Institutions," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 75-111, March.
  13. Lindbeck, Assar, 1997. "Incentives and Social Norms in Household Behavior," Seminar Papers 622, Stockholm University, Institute for International Economic Studies.
  14. Lindbeck, Assar, 1995. " Welfare State Disincentives with Endogenous Habits and Norms," Scandinavian Journal of Economics, Wiley Blackwell, vol. 97(4), pages 477-94, December.
  15. Hodgson, Geoff, 1989. "Institutional Rigidities and Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 13(1), pages 79-101, March.
  16. Elster, Jon, 1989. "Social Norms and Economic Theory," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 99-117, Fall.
  17. Yifu Lin, Justin & Nugent, Jeffrey B., 1995. "Institutions and economic development," Handbook of Development Economics, in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 3, chapter 38, pages 2301-2370 Elsevier.
  18. Posner, Richard A, 1987. "The Law and Economics Movement," American Economic Review, American Economic Association, vol. 77(2), pages 1-13, May.
  19. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
  20. Sugden, Robert, 1989. "Spontaneous Order," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 85-97, Fall.
  21. Williamson, Oliver E, 1998. "The Institutions of Governance," American Economic Review, American Economic Association, vol. 88(2), pages 75-79, May.
  22. Buchanan, James M, 1991. "Economics in the Post-Socialist Century," Economic Journal, Royal Economic Society, vol. 101(404), pages 15-21, January.
  23. Basu, Kaushik, 1995. "Civil institutions and evolution: Concepts, critique and models," Journal of Development Economics, Elsevier, vol. 46(1), pages 19-33, February.
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Citations

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Cited by:
  1. Antonio Saravia, 2008. "Institutional change from an evolutionary perspective: the Mexican experience," Constitutional Political Economy, Springer, vol. 19(2), pages 129-147, June.
  2. Hernan G. Roxas & Val Lindsay & Nicholas Ashill & Antong Victorio, 2007. "Institutional analysis of strategic choice of micro, small, and medium enterprises : a conceptual framework," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 44(1), pages 151-186, June.

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