Culture, Institutional Performance, and Path Dependence

Abstract

In this paper, we develop a model of institutional and cultural path dependence.Our model captures institutional externalities, transmitted through culture.Institutions create behavioral regularities which in turn form part of culture.These behavioral regularities then influence future choice between institutions because the culture affects institutional fit, as measured by utility.The resulting interplay between cultural forces and institutional choices creates cultural and institutional path dependence.This model shows that not only does the set of past institutional choices matter, but so does the order in which institutions arose.

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