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Forms, importance and working of social institutions

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  • Martti Vihanto

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    (Department of Economics, Turku School of Economics)

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    Abstract

    Social institutions are persistent regularities in contracting and other relations amongst men and in the unintended consequences of such rule-like behavior. They include morality and law as well as institutions of governance such as branding and advertising. Institutions are studied in all approaches and schools of economics, and each involves its peculiar emphases. The purpose of the paper is to give an overview of the forms, importance and working of social institutions by taking examples from decision making of consumers. Use is made in particular of the findings of transaction-cost, evolutionary and behavioral economics. The paper is part of a Finnish open access textbook Principles of Institutional Economics in progress (www.ace-economics.fi/mvihanto).

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    Bibliographic Info

    Paper provided by Aboa Centre for Economics in its series Discussion Papers with number 49.

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    Length: 26
    Date of creation: May 2009
    Date of revision:
    Handle: RePEc:tkk:dpaper:dp49

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    Keywords: social institutions; institutional economics; transaction costs; heuristic behavior;

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    1. Tomer, John F., 1996. "Good habits and bad habits: A new age socio-economic model of preference formation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 25(6), pages 619-638.
    2. Schindler, Robert M & Kirby, Patrick N, 1997. " Patterns of Rightmost Digits Used in Advertised Prices: Implications for Nine-Ending Effects," Journal of Consumer Research, University of Chicago Press, vol. 24(2), pages 192-201, September.
    3. Mark Setterfield, 1997. "Should Economists Dispense with the Notion of Equilibrium?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 20(1), pages 47-76, October.
    4. Mario Rizzo, 1985. "Rules Versus Cost-Benefit Analysis in the Common Law," Cato Journal, Cato Journal, Cato Institute, vol. 4(3), pages 865-896, Winter.
    5. Ulrich Witt, 2006. "Evolutionary Economics," Papers on Economics and Evolution 2006-05, Philipps University Marburg, Department of Geography.
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