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Shared Mental Models: Ideologies and Institutions

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  • Denzau, Arthur T
  • North, Douglass C

Abstract

For most of the interesting issues in political and economic markets, uncertainty rather than risk characterizes choice-making. In order to understand decision-making under conditions of strong uncertainty, we must understand the relationship between the mental models that individuals construct to make sense of the world around them, the ideologies that evolve from such constructions, and the institutions that develop in a society to order interpersonal relationships. This paper develops a framework with which to understand and model the shared mental models that guide choices and shape the evolution of political-economic systems and societies. Copyright 1994 by WWZ and Helbing & Lichtenhahn Verlag AG

Suggested Citation

  • Denzau, Arthur T & North, Douglass C, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Wiley Blackwell, vol. 47(1), pages 3-31.
  • Handle: RePEc:bla:kyklos:v:47:y:1994:i:1:p:3-31
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    12. Easley, David & Ledyard, John., "undated". "Theories of Price Formation and Exchange in Double Oral Auctions," Working Papers 611, California Institute of Technology, Division of the Humanities and Social Sciences.
    13. Gode, D.K. & Sunder, S., 1991. "Allocative Efficiency of Markets with Zero Intelligence (Z1) Traders: Market as a Partial Substitute for Individual Rationality," GSIA Working Papers 1992-16, Carnegie Mellon University, Tepper School of Business.
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