Institutions, social norms, and decision-theoretic norms
This article attempts to contribute to the debate on how to define and theorize institutions, particularly regarding normativity and explanations for conformity. Firstly, it proposes some distinctions and concepts: it separates moral from epistemic values, leading to different types of legitimacy and social norms; then it distinguishes different meanings of the term 'normative' and introduces the concept of decision-theoretic norm. Secondly, the article defends a broad concept of institutions by arguing that some institutions are neither social norms nor decision-theoretic ones, a point that matters for institutional change and stability. Some conventions from which innovators break are highlighted as an example.
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- Posner, Richard A, 1997. "Social Norms and the Law: An Economic Approach," American Economic Review, American Economic Association, vol. 87(2), pages 365-69, May.
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- H. Peyton Young, 1996. "The Economics of Convention," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 105-122, Spring.
- David Dequech, 2003. "Conventional and unconventional behavior under uncertainty," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 26(1), pages 145-168, October.
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Wiley Blackwell, vol. 47(1), pages 3-31.
- Paul DiMaggio, 1998. "The New Institutionalisms: Avenues of Collaboration," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(4), pages 696-, December.
- Nee, Victor, 1998. "Norms and Networks in Economic and Organizational Performance," American Economic Review, American Economic Association, vol. 88(2), pages 85-89, May.
- Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-31, March.
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