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A Microeconomic Analysis of Institutions

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

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References

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  1. Matthew Rabin., 1997. "Psychology and Economics," Economics Working Papers, University of California at Berkeley 97-251, University of California at Berkeley.
  2. Posner, Richard A, 1987. "The Law and Economics Movement," American Economic Review, American Economic Association, American Economic Association, vol. 77(2), pages 1-13, May.
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  22. Yifu Lin, Justin & Nugent, Jeffrey B., 1995. "Institutions and economic development," Handbook of Development Economics, Elsevier, in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 3, chapter 38, pages 2301-2370 Elsevier.
  23. Samuels, Warren J, 1995. "The Present State of Institutional Economics," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 19(4), pages 569-90, August.
  24. Basu, Kaushik, 1995. "Civil institutions and evolution: Concepts, critique and models," Journal of Development Economics, Elsevier, Elsevier, vol. 46(1), pages 19-33, February.
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Cited by:
  1. 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.
  2. Antonio Saravia, 2008. "Institutional change from an evolutionary perspective: the Mexican experience," Constitutional Political Economy, Springer, Springer, vol. 19(2), pages 129-147, June.

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