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Why is the equilibrium notion essential for a unified institutional theory? A friendly remark on the article by Hindriks and Guala

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  • AOKI, MASAHIKO

Abstract

This short commentary basically supports the unified approach to institutions of Hindriks and Guala (2014). First, using a flow diagram over the two-by-two boxes in the space spanned by the collective-individual dimension and the behavior (play)-cognitive (belief) dimension, it argues that the classical game theory and the so-called institution-as-rule theory are both incomplete and that they should be regarded as complementary for an integrated theory of institution as a process. However, the substantive forms of institutions ought to be linguistic representations (i.e. rules and ideas) that summarize equilibrium states of play of the societal game so as to mediate them to be incorporated into minds of players as collective intentionality (i.e. shared beliefs). From this perspective this note also supports the authors’ argument to unpack the ‘Y’ term in Searle's notion of constitutive rule (that is, the regulative rule) and submit it to be based on a neo-Hegelian notion of mutual recognition (i.e. equilibrium).

Suggested Citation

  • Aoki, Masahiko, 2015. "Why is the equilibrium notion essential for a unified institutional theory? A friendly remark on the article by Hindriks and Guala," Journal of Institutional Economics, Cambridge University Press, vol. 11(3), pages 485-488, September.
    • Handle: RePEc:cup:jinsec:v:11:y:2015:i:03:p:485-488_00
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    Cited by:

    1. Hirokazu Takizawa, 2017. "Masahiko Aoki’s conception of institutions," Evolutionary and Institutional Economics Review, Springer, vol. 14(2), pages 523-540, December.
    2. Carsten Herrmann-Pillath, 2017. "Institutional naturalism: reflections on Masahiko Aoki’s contribution to institutional economics," Evolutionary and Institutional Economics Review, Springer, vol. 14(2), pages 501-522, December.
    3. Wang, Qingri & Hu, Hongwei & Hu, Rumei, 2024. "Local government behavior in rural construction land marketization in China: An archetype analysis," Land Use Policy, Elsevier, vol. 142(C).
    4. Katja Kalkschmied & Joern Kleinert, 2024. "Market building by strategic interactions: The role of powerful private actors and the state," Graz Economics Papers 2024-12, University of Graz, Department of Economics.
    5. Claudius Graebner & Amineh Ghorbani, 2019. "Defining institutions - A review and a synthesis," ICAE Working Papers 89, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.

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