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Institutions as cognitive media between strategic interactions and individual beliefs

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  • Aoki, Masahiko

Abstract

This paper begins with contested issues among various approaches to institutions and seeks an analytical/conceptual framework for integrating them. Based on fundamental studies of knowledge theory and epistemic game theory, it discusses the role of institutions in substantive forms as societal artifacts that cognitively mediate agents’ strategic interactions and their individual beliefs in societal games. This approach is termed as the institutions-as-cognitive-media-view and its implications to the role of culture, institutional complementarities, and policy in the institutional process are discussed. It concludes with a proposal for a three-level approach to institutions: generic-ontological, comparative-substantive, and policy-design levels.

Suggested Citation

  • Aoki, Masahiko, 2011. "Institutions as cognitive media between strategic interactions and individual beliefs," Journal of Economic Behavior & Organization, Elsevier, vol. 79(1), pages 20-34.
  • Handle: RePEc:eee:jeborg:v:79:y:2011:i:1:p:20-34
    DOI: 10.1016/j.jebo.2011.01.025
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    More about this item

    Keywords

    Institutions; Institutional complementarities; Cognitive media; Culture; Epistemic game; Common knowledge;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • P00 - Economic Systems - - General - - - General

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