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The Economic Theory of Social Institutions

Author

Listed:
  • Schotter,Andrew

Abstract

This book uses game theory to analyse the creation, evolution and function of economic and social institutions. The author illustrates his analysis by describing the organic or unplanned evolution of institutions such as the conventions of war, the use of money, property rights and oligopolistic pricing conventions. Professor Schotter begins by linking his work with the ideas of the philosophers Rawls, Nozick and Lewis. Institutions are regarded as regularities in the behaviour of social agents, which the agents themselves tacitly create to solve a wide variety of recurrent problems. The repetitive nature of the problems permits them to be described as a recurrent game or 'supergame.' The agents use these regularities as informational devices to supplement the information contained in competitive prices. The final chapter explores the applicability of this theory, first by relating it to previous work on the theory of teams, hierarchies, and non-maximizing decision theory, and then by using it to provide a new approach to a variety of questions both within and outside economics.

Suggested Citation

  • Schotter,Andrew, 2008. "The Economic Theory of Social Institutions," Cambridge Books, Cambridge University Press, number 9780521067133.
    • Handle: RePEc:cup:cbooks:9780521067133
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    Citations

    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics, Ethics, and Culture > Social justice > Liberal theories > Rawlsian Maximin
    2. > Economics, Ethics, and Culture > Social justice > Liberal theories > Libertarianism and rights

    Citations

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    Cited by:

    1. Niklas Elert & Magnus Henrekson, 2021. "Entrepreneurship prompts institutional change in developing economies," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(1), pages 33-53, March.
    2. Zhiyong Zhang & Xiaodie Song & Yongqiang Shi, 2023. "Evolutionary Game Analysis of Behavior Strategies of Multiple Stakeholders in an Elderly Care Service System," IJERPH, MDPI, vol. 20(5), pages 1-22, February.
    3. Estrada, Fernando, 2010. "Epistemology of the economy: comments from Robert Nozick," MPRA Paper 22410, University Library of Munich, Germany.
    4. Dai, Shuanping, 2012. "The Emergence of Efficient Institutions and Social Interactions," MPRA Paper 47011, University Library of Munich, Germany.
    5. Estrada, Fernando, 2010. "Heuristic on economics," MPRA Paper 35118, University Library of Munich, Germany, revised 2011.
    6. Elert, Niklas & Henrekson, Magnus, 2017. "Entrepreneurship and Institutions: A Bidirectional Relationship," Working Paper Series 1153, Research Institute of Industrial Economics, revised 05 May 2017.
    7. David N. DeJong & Daniel Berkowitz, 2008. "Growth in Post-Soviet Russia: A Tale of Two Transitions," Working Paper 369, Department of Economics, University of Pittsburgh, revised Sep 2008.
    8. Henrekson, Magnus & Wennström, Johan, 2022. "The View of Knowledge: An Institutional Theory of Differences in Educational Quality," Working Paper Series 1432, Research Institute of Industrial Economics, revised 31 Aug 2022.
    9. John Thrasher, 2014. "Ordering Anarchy," Rationality, Markets and Morals, Frankfurt School Verlag, Frankfurt School of Finance & Management, vol. 5(83), April.
    10. Ilgaz Arikan & Ipek Koparan & Asli M Arikan & Oded Shenkar, 2022. "Dynamic capabilities and internationalization of authentic firms: Role of heritage assets, administrative heritage, and signature processes," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(4), pages 601-635, June.
    11. Estrada, Fernando, 2012. "Heuristic in the economic: a note on Robert Nozick," MPRA Paper 38882, University Library of Munich, Germany.
    12. Dirk Bethmann & Michael Kvasnicka, 2011. "The institution of marriage," Journal of Population Economics, Springer;European Society for Population Economics, vol. 24(3), pages 1005-1032, July.
    13. Boğaçhan Çelen & Erkut Özbay, 2012. "Introduction to a festschrift for Andrew Schotter," Review of Economic Design, Springer;Society for Economic Design, vol. 16(2), pages 89-91, September.
    14. Wolf Rogowski & Wolfram Elsner, 2021. "How economics can help mitigate climate change - a critical review and conceptual analysis of economic paradigms," Bremen Papers on Economics & Innovation 2106, University of Bremen, Faculty of Business Studies and Economics.
    15. Monika Krakowiak-Drzewiecka, 2017. "Badanie instytucji: dylematy, metody, doswiadczenia / Research on Institutions: Dilemmas, Methods, Experiences," Annales. Ethics in Economic Life, University of Lodz, Faculty of Economics and Sociology, vol. 20(2), pages 31-43, February.
    16. Todd Sandler, 2015. "Collective action: fifty years later," Public Choice, Springer, vol. 164(3), pages 195-216, September.
    17. Ozili, Peterson K, 2020. "Contesting digital finance for the poor," MPRA Paper 101812, University Library of Munich, Germany.
    18. Cyril Hédoin & Lauren Larrouy, 2016. "Game Theory, Institutions and the Schelling-Bacharach Principle: Toward an Empirical Social Ontology," GREDEG Working Papers 2016-21, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    19. Nate Kauffman & Kristina Hill, 2021. "Climate Change, Adaptation Planning and Institutional Integration: A Literature Review and Framework," Sustainability, MDPI, vol. 13(19), pages 1-28, September.
    20. Gaofeng Xu & Jian Liu, 2023. "Institutional Diversity or Isomorphism? Research on the Evolution of Collective-Owned Construction Land Marketization Reform since the 1990s—The Case of Shunde and Wujiang, China," Land, MDPI, vol. 12(4), pages 1-18, March.

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