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Equilibrium and social norms

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  • Anderson, Robert M.
  • Duanmu, Haosui

Abstract

Richter and Rubinstein (2020) developed a novel model for social norms, which play an essential role in governing individual behavior in many economic situations. We present a generalization of the Richter-Rubinstein model allowing for an infinite agent space, individualized sets of alternatives, externalities, and intransitive preferences. In addition, we study social welfare properties of feasible Pareto efficient profiles and illustrate the applicability of our results in examples including a centrally planned economy, the classical Walrasian exchange economy, and the formation of social norms.

Suggested Citation

  • Anderson, Robert M. & Duanmu, Haosui, 2025. "Equilibrium and social norms," Games and Economic Behavior, Elsevier, vol. 154(C), pages 119-128.
    • Handle: RePEc:eee:gamebe:v:154:y:2025:i:c:p:119-128
    DOI: 10.1016/j.geb.2025.08.014
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    References listed on IDEAS

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    1. Sofia B. S. D. Castro & Peter B. Gothen, 2025. "Walrasian equilibria are almost always finite in number," Papers 2510.25738, arXiv.org.

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