Studying Institutions
Some Lessons from the Rational Choice Approach
Keywords:
Institutions, Rational Choice, Political Economy, Formal Political Theory, StructureAbstract
This article examines recent developments in a literature referred to as `the new institutionalism'. After reviewing some of the consequences for the study of institutions of the behavioral revolution and the elaboration of Arrovian theories of social choice, the author develops the theory of structure-induced equilibrium and explores the two sides of the institutional coin - an examination of the consequences of institutional structure and an explanation of the development of institutional structure.
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References
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Bentley, Arthur. 1908. The Process of Government. Chicago.: University of Chicago Press.
Binmore, Ken. 1988. Game Theory and the Social Contract. Mimeo, London School of Economics.
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Gamm, Gerald y Kenneth A. Shepsle. 1988. "The Evolution of Legislative Institutions: Standing Committees in the House and the Senate", paper delivered at the annual meeting of the American Political Science Association. Washington, DC.
Granovetter, Mark. 1985. "Economic Action and Social Structure: The Problem of Embeddedness". American Journal of Sociology 91: 481-510.
Gunnell, John G. 1988. "American Political Science, Liberalism, and the Invention of Political Theory", American Political Science Review 82: 71-88.
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Harsanyi, John C.(1977. Rational Behavior and Bargaining Equilibriun in Games and Social Situations. Cambridge: Cambridge University Press.
Harsanyi, John C. y Reinhart Selten. 1988. Equilibriun Selection. Cambridge, MA: MIT Press.
Hart, Oliver y Bengt Holmstron. 1987. "The Theory of Contracts", en Truman Bewley. (ed.) Advances in Economic Theory-Figth World Congress. Cambridge: Cambridge University Press.
Jensen, Michael C. y Willian H. Meckling. 1973. "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure", Journal of Financial Economics 3: 305-60.
Matthews, R.C.O. 1986. "The Economics of Institutions and the Sources of Growth". The Economic Journal 96: 903-18.
McKelvey, Richard D. 1976. "Intransitivities in Multidimensional Voting Models and Some Implications for Agenda Control", Journal of Economic Theory 2: 472-82.
McKelvey, Richard D. 1979. "General Conditions for Global Intransitivities in Formal Voting Models", Econometrica 47: 1085-111.
Nelson, Richard R. y Sidney G. Winter. 1982. An Evolutionary Theory of Economic Change. Cambridge, MA: Harvard University Press.
North, Douglass C. 1981. Structure and Change in Economic History, New York: Norton.
North, Douglass C. y Robert Thomas. 1973. The Rise of the Western World: A New Economic History. Cambridge: Cambridge University Press.
Ostrom, Elinor. 1986. "An Agenda for the Study of Institutions", Public Choice 48: 3-25.
Pearce, David G. 1987. Renegotiation-Proof Equilibria: Collective Rationality and Intertemporal Cooperation, Mimeo, Yale University.
Pratt, John W. y Richard J. Zeckhauser (eds.). 1985. Principals and Agents: The Structure of Business. Cambridge, MA: Harvard Business School Press.
Rawls, John. 1958. "Justice as Fairness", Philosophical Review 57.
Rawls, John. 1972. A Theory of Justice. Cambridge, MA: Harvard University Press.
Riker, William H. 1980. "Implications from the Disequlibriun of Mayority Rule for the Study of Institutions". American Political Science Review 74: 432-47.
Riker, Willian H. 1982. Liberalism against Populism. San Francisco: Freeman.
Sait, Edward M. 1938. Political Institutions - A Preface. Boston: Appleton-Century-Crofts.
Selten, Reinhard. 1975. "A Reexamination of the Perfectness Concept for Equilibriun Points in Extensive Games", International Journal of Game Theory 4: 25-55.
Shepsle, Kenneth A. 1979. "Institutional Arrangements and Equilibriun in Multidimensional Voting Models", American Journal of Political Science 23: 27-60.
Shepsle, Kenneth A. 1986a. "Institutional Equilibriun and Equilibriun Institutions", en Herbert Weisberg, (ed.) Political Science: The Science of Politics, pp. 51-82 New York: Agathon.
Shepsle, Kenneth A. 1986b. "The Positive Theory of Legislative Institutions: An Enrichment of Social Choice and Spatial Models", Public Choice 50: 135-79.
Shepsle, Kenneth A. y Barry R. Weingast. 1981. "Structure-Induced Equilibria and Legislative Choice", Public Choice 37: 503-19.
Shepsle, Kenneth A. y Barry A. Weingast. 1982. "Institutionalizing Majority Rule: A Social Choice Theory with Policy Implications", American Economic Review 78: 367-72.
Shepsle, Kenneth A. y Barry R. Weingast. 1987. "The Institutional Foundations of Committee Power", American Political Science Review 81: 855-104.
Sugden, Robert. 1986. The Economics of Rights, Cooperation, and Welfare. Oxford: Basil Blackwell.
Weingast, Barry R. y Willian Marshall. 1988. "The Industrial Organization of Congress; or, Why Legislatures, Like Firms, Are Not Organized as Markets", Journal of Political Economy 96:132-64.
Williamson, Oliver E. 1975. Markets and Hierarchies: Analysis and Antitrust Implications. New York: Free Press.
Williamson, Oliver E. 1979. "Transaction-Cost Economics: The Governance of Contractual Relations" Journal of Law and Economics. Oct, 22. 2., pp. 233-61
Williamson, Oliver E. 1985. The Economic Institutions of Capitalism. New York: Free Press.
Bentley, Arthur. 1908. The Process of Government. Chicago.: University of Chicago Press.
Binmore, Ken. 1988. Game Theory and the Social Contract. Mimeo, London School of Economics.
Binmore, Ken, Aril Rubinstein y Asher Wolinsky. 1986. "The Nash Bargaining Solution in Economic Modeling" Rand Journal of Economics 17: 176-88.
Chandler, Alfred D. 1962. Strategy and Structure. Cambridge, MA: Harvard University Press.
Chandler, Alfred D. 1977. The Visible Hand. Cambridge. MA: Harvard University Press.
Coase, Ronald H. 1937. "The Nature of the Firm", Economic 4: 386-405.
Coase, Fonald H. 1960. "The Problem of Social Cost", Journal of Law and Economics 3: 1-44.
Davis, Lance E. y Douglass C. North. 1971. Institutional Change and American Economic Growth. Cambridge: Cambridge University Press.
Duesenberry, James. 1960. Comment on "An Economic Analysis of Fertility", en Demographic and Economic Chang in Developed Countries, edited by the Universities National Bureau Committee for Economic Research. Princeton: Princeton University Press.
Fatna, Eugene F. y Michael C. Jensen. 1983. "Separation of Ownership and Control", Journal of Law and Economics 26: 301-25.
Farrell, Joseph y Eric Maskin. 1986. Renegotiation in Repeated Games. Mimeo, Harvard University.
Gamm, Gerald y Kenneth A. Shepsle. 1988. "The Evolution of Legislative Institutions: Standing Committees in the House and the Senate", paper delivered at the annual meeting of the American Political Science Association. Washington, DC.
Granovetter, Mark. 1985. "Economic Action and Social Structure: The Problem of Embeddedness". American Journal of Sociology 91: 481-510.
Gunnell, John G. 1988. "American Political Science, Liberalism, and the Invention of Political Theory", American Political Science Review 82: 71-88.
Hare, R. 1975. "Rawls" Theory of Justice", en N. Daniels (ed.) Reading Rawls. Oxford: Basil Blackwell.
Harsanyi, John C.(1977. Rational Behavior and Bargaining Equilibriun in Games and Social Situations. Cambridge: Cambridge University Press.
Harsanyi, John C. y Reinhart Selten. 1988. Equilibriun Selection. Cambridge, MA: MIT Press.
Hart, Oliver y Bengt Holmstron. 1987. "The Theory of Contracts", en Truman Bewley. (ed.) Advances in Economic Theory-Figth World Congress. Cambridge: Cambridge University Press.
Jensen, Michael C. y Willian H. Meckling. 1973. "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure", Journal of Financial Economics 3: 305-60.
Matthews, R.C.O. 1986. "The Economics of Institutions and the Sources of Growth". The Economic Journal 96: 903-18.
McKelvey, Richard D. 1976. "Intransitivities in Multidimensional Voting Models and Some Implications for Agenda Control", Journal of Economic Theory 2: 472-82.
McKelvey, Richard D. 1979. "General Conditions for Global Intransitivities in Formal Voting Models", Econometrica 47: 1085-111.
Nelson, Richard R. y Sidney G. Winter. 1982. An Evolutionary Theory of Economic Change. Cambridge, MA: Harvard University Press.
North, Douglass C. 1981. Structure and Change in Economic History, New York: Norton.
North, Douglass C. y Robert Thomas. 1973. The Rise of the Western World: A New Economic History. Cambridge: Cambridge University Press.
Ostrom, Elinor. 1986. "An Agenda for the Study of Institutions", Public Choice 48: 3-25.
Pearce, David G. 1987. Renegotiation-Proof Equilibria: Collective Rationality and Intertemporal Cooperation, Mimeo, Yale University.
Pratt, John W. y Richard J. Zeckhauser (eds.). 1985. Principals and Agents: The Structure of Business. Cambridge, MA: Harvard Business School Press.
Rawls, John. 1958. "Justice as Fairness", Philosophical Review 57.
Rawls, John. 1972. A Theory of Justice. Cambridge, MA: Harvard University Press.
Riker, William H. 1980. "Implications from the Disequlibriun of Mayority Rule for the Study of Institutions". American Political Science Review 74: 432-47.
Riker, Willian H. 1982. Liberalism against Populism. San Francisco: Freeman.
Sait, Edward M. 1938. Political Institutions - A Preface. Boston: Appleton-Century-Crofts.
Selten, Reinhard. 1975. "A Reexamination of the Perfectness Concept for Equilibriun Points in Extensive Games", International Journal of Game Theory 4: 25-55.
Shepsle, Kenneth A. 1979. "Institutional Arrangements and Equilibriun in Multidimensional Voting Models", American Journal of Political Science 23: 27-60.
Shepsle, Kenneth A. 1986a. "Institutional Equilibriun and Equilibriun Institutions", en Herbert Weisberg, (ed.) Political Science: The Science of Politics, pp. 51-82 New York: Agathon.
Shepsle, Kenneth A. 1986b. "The Positive Theory of Legislative Institutions: An Enrichment of Social Choice and Spatial Models", Public Choice 50: 135-79.
Shepsle, Kenneth A. y Barry R. Weingast. 1981. "Structure-Induced Equilibria and Legislative Choice", Public Choice 37: 503-19.
Shepsle, Kenneth A. y Barry A. Weingast. 1982. "Institutionalizing Majority Rule: A Social Choice Theory with Policy Implications", American Economic Review 78: 367-72.
Shepsle, Kenneth A. y Barry R. Weingast. 1987. "The Institutional Foundations of Committee Power", American Political Science Review 81: 855-104.
Sugden, Robert. 1986. The Economics of Rights, Cooperation, and Welfare. Oxford: Basil Blackwell.
Weingast, Barry R. y Willian Marshall. 1988. "The Industrial Organization of Congress; or, Why Legislatures, Like Firms, Are Not Organized as Markets", Journal of Political Economy 96:132-64.
Williamson, Oliver E. 1975. Markets and Hierarchies: Analysis and Antitrust Implications. New York: Free Press.
Williamson, Oliver E. 1979. "Transaction-Cost Economics: The Governance of Contractual Relations" Journal of Law and Economics. Oct, 22. 2., pp. 233-61
Williamson, Oliver E. 1985. The Economic Institutions of Capitalism. New York: Free Press.
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Published
2018-10-29
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Articles
How to Cite
Studying Institutions: Some Lessons from the Rational Choice Approach. (2018). Revista Uruguaya De Ciencia Política, 16(1), 15-34. https://rucp.cienciassociales.edu.uy/index.php/rucp/article/view/232
