IDEAS home Printed from https://ideas.repec.org/a/cup/jinsec/v11y2015i03p497-505_00.html
   My bibliography  Save this article

On defining institutions: rules versus equilibria

Author

Listed:
  • HODGSON, GEOFFREY M.

Abstract

In their stimulating paper, Hindriks and Guala (2014) bridge the prominent alternative conceptions of institutions-as-rules and institutions-as-equilibria, by proposing a ‘rules in equilibrium’ interpretation. This comment argues that the task of defining institutions as a class of phenomena is different from the tasks of understanding or analysing them. Definitions are classification devices and are typically ill-based on behavioural outcomes such as equilibria. Accepting the useful insights of the Hindriks and Guala (2014) article, attention to the matter of definition reinstates a rules-based approach, notwithstanding the importance of understanding and analysing equilibria. The comment establishes a broad definition of institutions as systems of rules, which includes organizations. Finally this comment raised some of the problems involved in understanding the nature of institutional rules.

Suggested Citation

  • Hodgson, Geoffrey M., 2015. "On defining institutions: rules versus equilibria," Journal of Institutional Economics, Cambridge University Press, vol. 11(3), pages 497-505, September.
    • Handle: RePEc:cup:jinsec:v:11:y:2015:i:03:p:497-505_00
    as

    Download full text from publisher

    File URL: https://www.cambridge.org/core/product/identifier/S1744137415000028/type/journal_article
    File Function: link to article abstract page
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Langley, David J. & van Doorn, Jenny & Ng, Irene C.L. & Stieglitz, Stefan & Lazovik, Alexander & Boonstra, Albert, 2021. "The Internet of Everything: Smart things and their impact on business models," Journal of Business Research, Elsevier, vol. 122(C), pages 853-863.
    2. Raza, Werner G. & Tröster, Bernhard & von Arnim, Rudi, 2018. "ASSESS_TISA: Assessing the claimed benefits of the Trade in Services Agreement (TiSA) [TISA: Ökonomische Bewertung der prognostizierten Effekte des Abkommens über den Handel mit Dienstleistungen]," Research Reports 6/2018, Austrian Foundation for Development Research (ÖFSE).
    3. Grace Nana Amokoa-Amoak, 2023. "Conceptualising Social Workers Role in Achieving Sustainable Development Goals," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(9), pages 1022-1038, September.
    4. Hirokazu Takizawa, 2017. "Masahiko Aoki’s conception of institutions," Evolutionary and Institutional Economics Review, Springer, vol. 14(2), pages 523-540, December.
    5. Marta Gancarczyk & Óscar Rodil-Marzábal, 2022. "Fintech framing financial ecologies: Conceptual and policy-related implications," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 18(4), pages 7-44.
    6. Ménard, Claude, 2017. "Meso-institutions: The variety of regulatory arrangements in the water sector," Utilities Policy, Elsevier, vol. 49(C), pages 6-19.
    7. Gutmann, Jerg & Voigt, Stefan, 2020. "Traditional law in times of the nation state: why is it so prevalent?," Journal of Institutional Economics, Cambridge University Press, vol. 16(4), pages 445-461, August.
    8. Pietro Guarnieri, 2017. "Commitment to norms and the formation of institutions," Discussion Papers 2017/227, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    9. Izabela Ostoj, 2019. "On the validity of the division into formal and informal institutions," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 18(1), pages 61-72, March.
    10. Pavez, Iciar & Codron, Jean-Marie & Lubello, Pasquale & Florêncio, Maria Cecilia, 2019. "Biosecurity institutions and the choice of contracts in international fruit supply chains," Agricultural Systems, Elsevier, vol. 176(C).
    11. Alice Sindzingre, 2021. "Fixation of Belief and Membership: A Contribution to the Understanding of the Detrimental Outcomes of Institutions," Post-Print halshs-03625238, HAL.
    12. Matteo Roggero, 2020. "Social dilemmas, policy instruments, and climate adaptation measures: the case of green roofs," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 25(4), pages 625-642, April.
    13. Georgina M. Gómez, 2019. "Money as an Institution: Rule versus Evolved Practice? Analysis of Multiple Currencies in Argentina," JRFM, MDPI, vol. 12(2), pages 1-14, May.
    14. Maru, Yiheyis & Sparrow, Ashley & Stirzaker, Richard & Davies, Jocelyn, 2018. "Integrated agricultural research for development (IAR4D) from a theory of change perspective," Agricultural Systems, Elsevier, vol. 165(C), pages 310-320.
    15. Turner, B. L. II & Meyfroidt, Patrick & Kuemmerle, Tobias & Müller, Daniel & Chowdhury, Rinku Roy, 2020. "Framing the search for a theory of land use," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 15(4), pages 489-508.
    16. Eduardo Ferraciolli & Tanya Araújo, 2023. "Agent-based Modeling and the Sociology of Money: a Framework for the Study of Coordination and Plurality," Working Papers REM 2023/0285, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    17. 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.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cup:jinsec:v:11:y:2015:i:03:p:497-505_00. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Kirk Stebbing (email available below). General contact details of provider: https://www.cambridge.org/joi .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.