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Conventions: Some Conventional and Some Not So Conventional Wisdom

Author

Listed:
  • Siegfried Berninghaus

    (Department of Economics, University of Karlsruhe, Karlsruhe, Germany)

  • Werner G³th

    (Max Planck Institute for Research into Economic Systems, Jena, Germany)

  • Hartmut Kliemt

    (Department of Philosophy, University of Duisburg-Essen, Duisburg, Germany)

Abstract

Problems of social coordination can be formalized as non-cooperative games with several equilibria. We know that in such situations serious problems of equilibrium selection arise which cannot be solved by traditional game theoretical reasoning. Conventions seem to be a powerful tool to solve equilibrium selection problems in real world societies. Essentially, two questions will be addressed in this paper: (a) Which conventions will emerge in a society? (b) How can a society break away from an inferior and reach a superior convention? It turns out that ôrisk dominanceö of a convention plays a crucial role in dealing with both questions and generally in the evolution of conventions.

Suggested Citation

  • Siegfried Berninghaus & Werner G³th & Hartmut Kliemt, 2005. "Conventions: Some Conventional and Some Not So Conventional Wisdom," Homo Oeconomicus, Institute of SocioEconomics, vol. 22, pages 147-168.
    • Handle: RePEc:hom:homoec:v:22:y:2005:p:147-168
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