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A Microeconomic Analysis of Institutions

Author

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  • Olsson, Ola

    () (Department of Economics, School of Economics and Commercial Law, Göteborg University)

Abstract

This survey paper has three themes; a microeconomic analysis of institutions, an institutional analysis of microeconomics, and a discussion on the scope for an "institutional microeconomics" that takes insights from psychology and older institutional theory into account. Institutions are defined as the long-run rules of the economy that have the character of public goods and whose main function is the reduction of transaction costs. The institutional requirements for the Walrasian equilibrium and for a cooperative solution in a Prisoner’s Dilemma-like game, are thoroughly analyzed. The paper briefly surveys the main results from the OIE and NIE-schools and discusses the possibilities of an interdisciplinarily oriented institutional microeconomics.

Suggested Citation

  • Olsson, Ola, 2000. "A Microeconomic Analysis of Institutions," Working Papers in Economics 25, University of Gothenburg, Department of Economics.
  • Handle: RePEc:hhs:gunwpe:0025
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    References listed on IDEAS

    as
    1. Samuels, Warren J, 1995. "The Present State of Institutional Economics," Cambridge Journal of Economics, Oxford University Press, vol. 19(4), pages 569-590, August.
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    6. Rutherford, Malcolm, 1997. "American Institutionalism and the History of Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 19(02), pages 178-195, September.
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    9. Yifu Lin, Justin & Nugent, Jeffrey B., 1995. "Institutions and economic development," Handbook of Development Economics,in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 3, chapter 38, pages 2301-2370 Elsevier.
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    13. Menard, Claude, 1995. "Markets as institutions versus organizations as markets? Disentangling some fundamental concepts," Journal of Economic Behavior & Organization, Elsevier, vol. 28(2), pages 161-182, October.
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    Cited by:

    1. Antonio Saravia, 2008. "Institutional change from an evolutionary perspective: the Mexican experience," Constitutional Political Economy, Springer, vol. 19(2), pages 129-147, June.
    2. Hernan G. Roxas & Val Lindsay & Nicholas Ashill & Antong Victorio, 2007. "Institutional analysis of strategic choice of micro, small, and medium enterprises : a conceptual framework," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 44(1), pages 151-186, June.

    More about this item

    Keywords

    institutions; microeconomics; Walrasian equilibrium; game theory;

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General

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