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Robust Institutions

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  • Levy, David M

Abstract

I propose to show how to translate the economic analysis of institutions developed in the tradition of "worst case" political economy into the lingua franca of robust statistics. An institution will be defined as contingent upon a design theory and the difficulty we consider is the use of the institution by the designer. The technical bridge between institutional robustness and statistical robustness is the the possibility of exploratory data analysis [EDA] with respect to the design theory. In an institutional context with EDA comes the recognition that the model is not completely specified, that we do not fully understand the structure of world before studying it. In a statistical context with EDA comes a non-normal error distribution. The relationship between evolutionary institutions and robust institutions is discussed. A conjecture that "rule utilitarianism" can be thought of as "robust utilitarianism" is defended with the historical example of William Paley's discussion of the utility of murder. Copyright 2002 by Kluwer Academic Publishers

Suggested Citation

  • Levy, David M, 2002. "Robust Institutions," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 15(2-3), pages 131-142, June.
  • Handle: RePEc:kap:revaec:v:15:y:2002:i:2-3:p:131-42
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    Cited by:

    1. Christopher Coyne & Lotta Moberg, 2015. "The political economy of state-provided targeted benefits," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 28(3), pages 337-356, September.
    2. Niclas Berggren, 2012. "Time for behavioral political economy? An analysis of articles in behavioral economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(3), pages 199-221, September.
    3. Bitros, George C. & Karayiannis, Anastassios D., 2010. "Morality, institutions and the wealth of nations: Some lessons from ancient Greece," European Journal of Political Economy, Elsevier, vol. 26(1), pages 68-81, March.

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