On defining institutions: rulesversusequilibria

Geoffrey Martin Hodgson

128 citations0/0 files storedJournal of Institutional Economics

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Economic Theory and Institutions Management and Organizational Studies Culture, Economy, and Development Studies

Abstract

Abstract In their stimulating paper, Hindriks and Guala (2014) bridge the prominent alternative conceptions of institutions-as-rules and institutions-as-equilibria, by proposing a ‘rules in equilibrium’ interpretation. This comment argues that the task ofdefininginstitutions as a class of phenomena is different from the tasks ofunderstandingoranalysingthem. Definitions are classification devices and are typically ill-based on behavioural outcomes such as equilibria. Accepting the useful insights of the Hindriks and Guala (2014) article, attention to the matter of definition reinstates a rules-based approach, notwithstanding the importance of understanding and analysing equilibria. The comment establishes a broad definition of institutions as systems of rules, which includes organizations. Finally this comment raised some of the problems involved in understanding the nature of institutional rules.

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1990Institutions, Institutional Change and Economic Performance 1891The Principles of Psychology 1991Institutions, Institutional Change and Economic Performance 1990Governing the Commons 1992Governing the Commons: The Evolution of Institutions for Collective Action 2018ON THE CONSTRUCTION OF A SOCIAL REALITY 1995The construction of social reality 2000Collective Action and the Evolution of Social Norms

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