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Mechanisms of Endogenous Institutional Change

  • Masahiko Aoki

    (Stanford University)

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    This paper proposes an analytical-cum-conceptual framework for understanding the nature of institutions as well as their changes. In doing so, it attempts to achieve two things: First, it proposes a way to reconcile an equilibrium (endogenous) view of institutions with the notion of agents’ bounded rationality by introducing such concepts as a summary representation of equilibrium as common knowledge of agents. Second, it specifies some generic mechanisms of institutional coherence and change -- overlapping social embededdness, Schumpeterian innovation in bundling games and dynamic institutional complementarities -- useful for understanding the dynamic interactions of economic, political, social and organizational factors.

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    File URL: http://www-siepr.stanford.edu/repec/sip/05-013.pdf
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    Paper provided by Stanford Institute for Economic Policy Research in its series Discussion Papers with number 05-013.

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    Date of creation: Mar 2006
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    Handle: RePEc:sip:dpaper:05-013
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    1. Prescott, Edward & Shell, Karl, 2002. "Introduction to Sunspots and Lotteries," Working Papers 02-08, Cornell University, Center for Analytic Economics.
    2. Fabrizio Barca & Katsuhito Iwai & Ugo Pagano & Sandro Trento, 1998. "The Divergence of the Italian and Japanese Corporate Governance Models: The Role of Institutional Shocks," CIRJE F-Series CIRJE-F-32, CIRJE, Faculty of Economics, University of Tokyo.
    3. Aumann, Robert J., 1974. "Subjectivity and correlation in randomized strategies," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 67-96, March.
    4. Bardhan, Pranab K., 1977. "Variations in forms of tenancy in a peasant economy," Journal of Development Economics, Elsevier, vol. 4(2), pages 105-118, June.
    5. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change
      [Understanding the Process of Economic Change]
      ," Introductory Chapters, Princeton University Press.
    6. repec:cup:cbooks:9780521589833 is not listed on IDEAS
    7. Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, number 9780199261147, March.
    8. Smith, Adam, 1759. "The Theory of Moral Sentiments," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1759.
    9. Hicks, J. R., 1969. "A Theory of Economic History," OUP Catalogue, Oxford University Press, number 9780198811633, March.
    10. repec:cup:cbooks:9780521589819 is not listed on IDEAS
    11. Greif, Avner, 1993. "Contract Enforceability and Economic Institutions in Early Trade: the Maghribi Traders' Coalition," American Economic Review, American Economic Association, vol. 83(3), pages 525-48, June.
    12. Avner Greif, . "Micro Theory and Recent Developments in the Study of Economic Institutions Through Economic History," Working Papers 96001, Stanford University, Department of Economics.
    13. Kalai, Ehud & Lehrer, Ehud, 1993. "Subjective Games and Equilibria," Working Papers 875, California Institute of Technology, Division of the Humanities and Social Sciences.
    14. repec:cup:cbooks:9780521589826 is not listed on IDEAS
    15. Field, Alexander James, 1981. "The problem with neoclassical institutional economics: A critique with special reference to the North/Thomas model of pre-1500 Europe," Explorations in Economic History, Elsevier, vol. 18(2), pages 174-198, April.
    16. Aoki, Masahiko & Hayami, The late Yujiro (ed.), 2001. "Communities and Markets in Economic Development," OUP Catalogue, Oxford University Press, number 9780199241019, March.
    17. Searle, John R., 2005. "What is an institution?," Journal of Institutional Economics, Cambridge University Press, vol. 1(01), pages 1-22, June.
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