Institutions as Game Theory Outcomes: Towards a Cognitive-Experimental Inquiry

Ambrosino, Angela

doi:10.2139/ssrn.2280503

Cited by 3 publications

(5 citation statements)

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“…Secondly, contrary to defining institutions as "incentives in human exchange, whether political, social, or economic" (North, 1990, p. 3), other economists have proposed to think of institutions not as rules but as outcomes of a game (Schotter, 1981;Voigt, 2013) or outcomes of social interaction (players' of the game interaction) (Ambrosino, 2013;Schotter, 1981). Schotter (1981) applies formal game theory models to analyse the emergence of institutions corresponding to Hayek's (1967) theories.…”

Section: Defining and Measuring Institutionsmentioning

confidence: 99%

Institutions in the development of Sub-Saharan African countries in 2004–2019

Kowalewska

Osińska

Szczepaniak

2023

EiP

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Motivation: Institutions play a significant role in development processes, contributing to understanding the economic backwardness of Sub-Saharan Africa. There is no consensus in the literature on the specific set of institutions that significantly influence developmental processes. Furthermore, there is no convincing evidence that institutions create the proper environment for long-term growth or result from increased development due to advances in human capital and investments. Therefore, the article examines overcoming the developmental backwardness of those countries following sustainable development.Aim: The article aims to analyze whether institutions contribute to the development processes of Sub-Saharan African countries. The paper identifies the differences in channels of institutions’ impact on the two development measures, GDP per capita and the Human Development Index (HDI). Regarding the high diversity in the level of development of countries in the region and the differences in their institutional systems, thirty-two countries in Sub-Saharan Africa were grouped regarding HDI level.Results: The heterogeneous panel Autoregressive Distributed Lags (ARDL) models revealed that in the lower developed countries, financial aid in the form of grants or very low-interest loans from the World Bank and OECD is of particular importance. They show that increased use of CO2 is a proxy for driving forces of African economies (production, investments, etc.). Indicators referring to institutions’ measurement like government effectiveness, political stability, economic freedom, or the number of days for establishing a business play important roles in continuing development.

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Section: Defining and Measuring Institutionsmentioning

confidence: 99%

Institutions in the development of Sub-Saharan African countries in 2004–2019

Kowalewska

Osińska

Szczepaniak

2023

EiP

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“…It has demonstrated the importance of learning processes in the emergence of norms and their social spread (Merlo and Schotter, ; Ambrosino and Lanteri, ). It has also shown the role of coordination processes in shaping institutional behaviour (Schelling, ; Ambrosino, ). More recently, the neuro‐economic approach has made contributions helpful for understanding mental processes and their representation (Kahneman and Frederick, ; Camerer et al ., ; Glimcher et al ., ).…”

Section: Institutional Cognitive Economics: a New Bridge Integrating mentioning

confidence: 99%

Shifting Boundaries in Economics: The Institutional Cognitive Strand and the Future of Institutional Economics

Ambrosino

Fontana

Gigante

2017

Journal of Economic Surveys

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This paper aims at contributing to the debate on the future of institutional economics and of the field as a whole by starting from the literature that discusses the relationship between Old-Original Institutional Economics and New Institutional Economics. It suggests that the process of reunifying OIE and NIE (and evolutionary economics) prompted by part of the literature could be improved by the contribution of the Cognitive Institutional Economics. The paper follows a two-stage pathway: first, it frames the debate on the relationships between NIE and the OIE and it concentrates on a subset of the literature that shows that NIE's recent developments complicate the distinction between NIE and OIE, and it explores the possibility that NIE and OIE may merge so that an amalgam of NIE, OIE and Evolutionary Economics becomes the next economic paradigm. Secondly, the paper argues that a step forward in the direction outlined by the literature has been made by CIE, which is a research stream that developed from cross-fertilization among NIE, OIE and the Hayekian contributions to the analysis of institutions. In the concluding remarks, the possible emergence of a single institutional paradigm is discussed in the light of the literature about change in economics.

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“…It has demonstrated the importance of learning processes in the emergence of norms and their social spread (Ambrosino and Lanteri, 2007; Merlo and Schotter, 1999). It has shown the importance and the complexity of coordination processes in shaping institutional behavior (Ambrosino, 2013; Schelling, 1960). More contributions are offered by the neuro-economic approach, that contributes in the understanding of mental processes and their representation (Camerer et al , 2005; Glimcher et al ., 2009; Kahneman and Frederick, 2002).…”

Section: Cognitive Economics Of Institutions and Its Connections Withmentioning

confidence: 99%

“…In this interconnection, CE of institutions shares the multiplicity of foci and avenues of inquiry of the OIE. Cognitive institutional economics adopts Hodgson's idea of a reconstructive downward causation process that links institutions and agents (Hodgson, 2003b), and it contributes to explaining this relationship (Ambrosino, 2006, 2012b, 2013).…”

Section: Cognitive Economics Of Institutions and Its Connections Withmentioning

confidence: 99%

“…The idea is that each phenomenon can be investigated with different tools and from different points of view. For example, CE investigate interdependent decisions using game theory not as a formal tool to predict specific outcomes but as a framework of analysis that allows investigating the complexity of agents’ decision making processes (Ambrosino, 2013; Schelling, 1960); the outcomes of the game do not simply depend on strategies, but they are strongly linked to social context, path dependence dynamics, and focal points (Ambrosino, 2006; Schelling, 1960).…”

Section: Introductionmentioning

confidence: 99%

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Heterogeneity and law: toward a cognitive legal theory

Ambrosino

2015

Journal of Institutional Economics

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Since the 1990s, Sunstein, Jolls, and Thaler have questioned the perfect rationality assumption in law and economics (L&E) and introduced a behavioral approach. But Gregory Mitchell has criticized behavioral law and economics (BL&E). He argues that much of the scholarship within the field describes psychological research as if it provides general laws of thought and behavior rather than insights conditional on the setting, on the characteristics of subjects, and on the specificity of the task in hand. Human heterogeneity is not adequately included in models developed under behavioral assumptions of this kind. This paper argues that Mitchell's work contributes to develop a cognitive approach to Law closer to the cognitive theory of institutions and to the Original Institutional Economics (OIE). Mitchell's contextualist approach seeks to identify the specific conditions under which irrational behavior occurs and to understand when and how it can be remedied.

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Institutions as Game Theory Outcomes: Towards a Cognitive-Experimental Inquiry

Abstract: and Hurwicz (1973Hurwicz ( , 1975 focused on the role of social institutions and investigated their impact on economic processes. and Hayek' s (1962Hayek' s ( , 1967bHayek' s ( , 1988a

Cited by 3 publications

References 61 publications

Institutions in the development of Sub-Saharan African countries in 2004–2019

Institutions in the development of Sub-Saharan African countries in 2004–2019

Shifting Boundaries in Economics: The Institutional Cognitive Strand and the Future of Institutional Economics

Heterogeneity and law: toward a cognitive legal theory

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