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Forms, importance and working of social institutions

Author

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  • Martti Vihanto

    () (Department of Economics, Turku School of Economics)

Abstract

Social institutions are persistent regularities in contracting and other relations amongst men and in the unintended consequences of such rule-like behavior. They include morality and law as well as institutions of governance such as branding and advertising. Institutions are studied in all approaches and schools of economics, and each involves its peculiar emphases. The purpose of the paper is to give an overview of the forms, importance and working of social institutions by taking examples from decision making of consumers. Use is made in particular of the findings of transaction-cost, evolutionary and behavioral economics. The paper is part of a Finnish open access textbook Principles of Institutional Economics in progress (www.ace-economics.fi/mvihanto).

Suggested Citation

  • Martti Vihanto, 2009. "Forms, importance and working of social institutions," Discussion Papers 49, Aboa Centre for Economics.
  • Handle: RePEc:tkk:dpaper:dp49
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    File URL: http://www.ace-economics.fi/kuvat/dp%2049.pdf
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    References listed on IDEAS

    as
    1. Mark Setterfield, 1997. "Should Economists Dispense with the Notion of Equilibrium?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 20(1), pages 47-76, September.
    2. Schindler, Robert M & Kirby, Patrick N, 1997. " Patterns of Rightmost Digits Used in Advertised Prices: Implications for Nine-Ending Effects," Journal of Consumer Research, Oxford University Press, vol. 24(2), pages 192-201, September.
    3. Mario Rizzo, 1985. "Rules Versus Cost-Benefit Analysis in the Common Law," Cato Journal, Cato Journal, Cato Institute, vol. 4(3), pages 865-896, Winter.
    4. Tomer, John F., 1996. "Good habits and bad habits: A new age socio-economic model of preference formation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 25(6), pages 619-638.
    5. Ulrich Witt, 2006. "Evolutionary Economics," Papers on Economics and Evolution 2006-05, Philipps University Marburg, Department of Geography.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    social institutions; institutional economics; transaction costs; heuristic behavior;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact

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