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Masahiko Aoki’s conception of institutions

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  • Hirokazu Takizawa

    (Chuo University)

Abstract

The present study examines Masahiko Aoki’s continual attempts to conceptualize institutions, with main focus on Aoki (Toward a comparative institutional analysis. MIT Press, Cambridge, 2001; J Econ Behav Organ, 79:20–34, 2011). The unique aspect of his approach is identified as his efforts to grasp the dynamic and collective-cognitive nature of institutions. Highly valuing this uniqueness, I identified several difficulties in this approach. In this study, I argue that the profound nature of institutions is beyond the formal description of game theory, which Aoki maintained in his lifetime. I also argue that the Hegelian perspective submitted by Herrmann-Pillath and Boldyrev (Hegel, institutions and economics: performing the social. Routledge, London, 2014) suggests a possible future direction of the research on institutions in economics, albeit not necessarily one amenable to mathematical formulation.

Suggested Citation

  • Hirokazu Takizawa, 2017. "Masahiko Aoki’s conception of institutions," Evolutionary and Institutional Economics Review, Springer, vol. 14(2), pages 523-540, December.
    • Handle: RePEc:spr:eaiere:v:14:y:2017:i:2:d:10.1007_s40844-017-0087-0
    DOI: 10.1007/s40844-017-0087-0
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    References listed on IDEAS

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    1. Masahiko Aoki, 2013. "Endogenizing institutions and institutional changes," Chapters, in: Comparative Institutional Analysis, chapter 16, pages 267-297, Edward Elgar Publishing.
    2. Robert Aumann & Adam Brandenburger, 2014. "Epistemic Conditions for Nash Equilibrium," World Scientific Book Chapters, in: The Language of Game Theory Putting Epistemics into the Mathematics of Games, chapter 5, pages 113-136, World Scientific Publishing Co. Pte. Ltd..
    3. Hindriks, Frank & Guala, Francesco, 2015. "Institutions, rules, and equilibria: a unified theory," Journal of Institutional Economics, Cambridge University Press, vol. 11(3), pages 459-480, September.
    4. Searle, John R., 2015. "Status functions and institutional facts: reply to Hindriks and Guala," Journal of Institutional Economics, Cambridge University Press, vol. 11(3), pages 507-514, September.
    5. Aoki, Masahiko, 2010. "Corporations in Evolving Diversity: Cognition, Governance, and Institutions," OUP Catalogue, Oxford University Press, number 9780199218530, Decembrie.
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    7. Masahiko Aoki, 2013. "Institutions as cognitive media between strategic interactions and individual beliefs," Chapters, in: Comparative Institutional Analysis, chapter 17, pages 298-312, Edward Elgar Publishing.
    8. Hayek, F. A., 1991. "The Fatal Conceit," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226320663 edited by Bartley, III, W. W., September.
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    10. Hodgson, Geoffrey M., 2015. "On defining institutions: rules versus equilibria," Journal of Institutional Economics, Cambridge University Press, vol. 11(3), pages 497-505, September.
    11. Aoki, Masahiko, 2015. "Why is the equilibrium notion essential for a unified institutional theory? A friendly remark on the article by Hindriks and Guala," Journal of Institutional Economics, Cambridge University Press, vol. 11(3), pages 485-488, September.
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    13. Sugden, Robert, 2015. "On ‘common-sense ontology’: a comment on the paper by Frank Hindriks and Francesco Guala," Journal of Institutional Economics, Cambridge University Press, vol. 11(3), pages 489-492, September.
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    More about this item

    Keywords

    Institutions; Conception of institutions; Aoki;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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