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Shared Mental Models: Ideologies and Institutions

  • Denzau, Arthur T
  • North, Douglass C

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

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Article provided by Wiley Blackwell in its journal Kyklos.

Volume (Year): 47 (1994)
Issue (Month): 1 ()
Pages: 3-31

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Handle: RePEc:bla:kyklos:v:47:y:1994:i:1:p:3-31
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  1. La Croix, Sumner J, 1989. "Homogeneous Middleman Groups: What Determines the Homogeneity?," Journal of Law, Economics and Organization, Oxford University Press, vol. 5(1), pages 211-22, Spring.
  2. Sunder, S., 1992. "Lower Bounds for Efficiency of Surplus Extraction in Double Auctions," GSIA Working Papers 1992-17, Carnegie Mellon University, Tepper School of Business.
  3. Thomas McCaleb & Richard Wagner, 1985. "The experimental search for free riders: Some reflections and observations," Public Choice, Springer, vol. 47(3), pages 479-490, January.
  4. Hahn, F H, 1987. "Information, Dynamics and Equilibrium," Scottish Journal of Political Economy, Scottish Economic Society, vol. 34(4), pages 321-34, November.
  5. 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.
  6. Coursey, Don L & Mason, Charles F, 1987. "Investigations Concerning the Dynamics of Consumer Behavior in Uncertain Environments," Economic Inquiry, Western Economic Association International, vol. 25(4), pages 549-64, October.
  7. Heiner, Ronald A, 1983. "The Origin of Predictable Behavior," American Economic Review, American Economic Association, vol. 73(4), pages 560-95, September.
  8. Bikhchandani, Sushil & Hirshleifer, David & Welch, Ivo, 1992. "A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades," Journal of Political Economy, University of Chicago Press, vol. 100(5), pages 992-1026, October.
  9. Easley, David & Ledyard, John., . "Theories of Price Formation and Exchange in Double Oral Auctions," Working Papers 611, California Institute of Technology, Division of the Humanities and Social Sciences.
  10. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211.
  11. Jamal, K. & Sunder, S., 1988. "Money Vs. Gaming: Effects Of Salient Monetary Payments In Double Oral Auctions," GSIA Working Papers 88-89-16, Carnegie Mellon University, Tepper School of Business.
  12. repec:feb:framed:00135 is not listed on IDEAS
  13. Dhananjay, K.G. & Sunder, S., 1992. "A Comparative Analysis of Efficiency of Economic Institutions with Zero Intelligence Traders," GSIA Working Papers 1992-23, Carnegie Mellon University, Tepper School of Business.
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