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Punctuality - A Cultural Trait as Equilibrium

Author

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  • Basu, Kaushik

    (Department of Economics)

  • Weibull, Jörgen W.

    () (The Research Institute of Industrial Economics)

Abstract

A people's culture, norms and habits are important determinants not just of the quality of social life but of economic progress and growth. In this paper we take the view that while the importance of culture is undeniable, the innateness of culture is not. We work here with a single example and demonstrate how a human trait which is widely believed to be cultural is at the same time a matter of choice. The example that we shall work with concerns punctuality. We show that punctuality may be simply an equilibrium response of individuals to what they expect others to do. The same society can get caught in a punctual equilibrium or a non-punctual equilibrium.

Suggested Citation

  • Basu, Kaushik & Weibull, Jörgen W., 2002. "Punctuality - A Cultural Trait as Equilibrium," Working Paper Series 582, Research Institute of Industrial Economics.
  • Handle: RePEc:hhs:iuiwop:0582
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    File URL: http://www.ifn.se/Wfiles/wp/WP582.pdf
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    References listed on IDEAS

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    1. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384, March.
    2. Jorgen W. Weibull, 1997. "Evolutionary Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262731215, March.
    3. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
    4. John Bryant, 1983. "A Simple Rational Expectations Keynes-type Model," The Quarterly Journal of Economics, Oxford University Press, vol. 98(3), pages 525-528.
    5. Kandori, Michihiro & Mailath, George J & Rob, Rafael, 1993. "Learning, Mutation, and Long Run Equilibria in Games," Econometrica, Econometric Society, vol. 61(1), pages 29-56, January.
    6. Kohlberg, Elon & Mertens, Jean-Francois, 1986. "On the Strategic Stability of Equilibria," Econometrica, Econometric Society, vol. 54(5), pages 1003-1037, September.
    7. Hvide, Hans K, 2001. "Some Comments on Free-Riding in Leontief Partnerships," Economic Inquiry, Western Economic Association International, vol. 39(3), pages 467-473, July.
    8. Carlsson, Hans & Ganslandt, Mattias, 1998. "Noisy equilibrium selection in coordination games," Economics Letters, Elsevier, vol. 60(1), pages 23-34, July.
    9. Stiglitz, Joseph E, 1975. "The Theory of "Screening," Education, and the Distribution of Income," American Economic Review, American Economic Association, vol. 65(3), pages 283-300, June.
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    1. repec:abd:kauiea:v:30:y:2017:i:4:p:17-35 is not listed on IDEAS

    More about this item

    Keywords

    Punctuality; Coordination Games;

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D29 - Microeconomics - - Production and Organizations - - - Other
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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