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The Impact of Institutions on the Decision How to Decide

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  • Christoph Engel

    ()
    (Max Planck Institute for Research on Collective Goods, Bonn)

  • Elke U. Weber

    ()
    (Columbia University, Professor of Psychology and Management)

Abstract

The human mind is not a general problem solving machine. Instead of deliberately, consciously and serially processing the available information, men can rely on routines, rules, roles or affect for the purpose. They can bring in technology, experts or groups. For all of these reasons, men have a plurality of problem solving modes at their disposition. Often, the meta-choice of problem solving mode matters for behavioural output. Some performance standards are only to be met if a certain problem solving mode is used, like a well-established skill. Other requirements are easier to fulfil with some problem solving modes. This explains why institutions frequently impact on the choice of problem solving mode. To show how institutions are able to do that, a model of problem solving modes is developed. It allows to systematise the access points for institutional intervention.

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Bibliographic Info

Paper provided by Max Planck Institute for Research on Collective Goods in its series Working Paper Series of the Max Planck Institute for Research on Collective Goods with number 2006_19.

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Length: 25 pages
Date of creation: Aug 2006
Date of revision:
Handle: RePEc:mpg:wpaper:2006_19

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Keywords: Decision Making; Problem Solving; Institutions;

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References

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  1. Rutherford,Malcolm, 1996. "Institutions in Economics," Cambridge Books, Cambridge University Press, number 9780521574471.
  2. G. Hodgson., 2007. "What Are Institutions?," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
  3. Hall, Peter A. & Taylor, Rosemary C. R., 1996. "Political science and the three new institutionalisms," MPIfG Discussion Paper 96/6, Max Planck Institute for the Study of Societies.
  4. Christoph Engel, 2004. "Social Dilemmas, Revisited from a Heuristics Perspective," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2004_4, Max Planck Institute for Research on Collective Goods.
  5. Nooteboom, B. & Bogenrieder, I.M., 2003. "Change Of Routines: A Multi-Level Analysis," ERIM Report Series Research in Management ERS-2003-029-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
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  8. Smith, Vernon L, 1989. "Theory, Experiment and Economics," Journal of Economic Perspectives, American Economic Association, vol. 3(1), pages 151-69, Winter.
  9. Hodgson, Geoffrey M., 2004. "Reclaiming habit for institutional economics," Journal of Economic Psychology, Elsevier, vol. 25(5), pages 651-660, October.
  10. Vernon L. Smith, 1994. "Economics in the Laboratory," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 113-131, Winter.
  11. Paul DiMaggio, 1998. "The New Institutionalisms: Avenues of Collaboration," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(4), pages 696-, December.
  12. Ashton, Robert H., 1992. "Effects of justification and a mechanical aid on judgment performance," Organizational Behavior and Human Decision Processes, Elsevier, vol. 52(2), pages 292-306, July.
  13. Joseph Henrich & Robert Boyd & Samuel Bowles & Colin Camerer & Ernst Fehr & Herbert Gintis & Richard McElreath & Michael Alvard & Abigail Barr & Jean Ensminger & Kim Hill & Francisco Gil-White & Micha, 2001. "Economic Man in Cross-Cultural Perspective: Behavioral Experiments in Fifteen Small-Scale Societies," Working Papers 01-11-063, Santa Fe Institute.
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Cited by:
  1. Mieke Meurs, 2013. "What Makes a Farmer? The Limited Expansion of Commercial Farming Among Bulgarian Smallholders," Working Papers 2013-08, American University, Department of Economics.
  2. Weber, Elke U. & Johnson, Eric J., 2012. "Psychology and behavioral economics lessons for the design of a green growth strategy," Policy Research Working Paper Series 6240, The World Bank.
  3. Christoph Engel & Wolf Singer, 2007. "Better Than Conscious? The Brain, the Psyche, Behavior, and Institutions," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2007_24, Max Planck Institute for Research on Collective Goods.
  4. Christoph Engel, 2007. "Institutions for Intuitive Man," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2007_12, Max Planck Institute for Research on Collective Goods.

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