On Custom in the Economy

Schlicht, Ekkehart

doi:10.1093/0198292244.001.0001

Cited by 151 publications

(55 citation statements)

References 97 publications

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“…With regard to this aspect, there are already approaches also in institutional economics that can further undergird the analysis of performativity. This is especially true for certain psychological regularities of cognition, which, for example, have been systematized by Gestalt psychology (Schlicht 1998).…”

Section: Fig 3: the Emergence Of Forex Futures As Frame Competitionmentioning

confidence: 99%

A neurolinguistic approach to performativity in economics

Herrmann‐Pillath

2010

Journal of Economic Methodology

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What makes institutions 'real'? One central notion has been emerging recently in sociology, which is 'performativity', a term borrowed from the philosophy of language. I propose a neurolinguistic approach to performativity that is based on John Searle's theory of institutions, especially his concept of a 'status function' and his explanation of rule-following as a neurophysiological disposition. Positing a status function is a performative act. I proceed in two steps to establish the neurolinguistic framework. First, I apply the concept of 'conceptual blending' borrowed from cognitive science on the status function, and give empirical applications from the research on performativity in financial markets. Second, I sketch the underlying neuroscience framework following the neural theory of metaphor, which I illustrate empirically with examples from behavioral finance and neuroeconomics.performativity, Searle's theory of institutions, conceptual blending, emergence of markets, neural theory of metaphor, neuroeconomics,

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Section: Fig 3: the Emergence Of Forex Futures As Frame Competitionmentioning

confidence: 99%

A neurolinguistic approach to performativity in economics

Herrmann‐Pillath

2010

Journal of Economic Methodology

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“…Entitlements are subjectively perceived rights that go beyond abstract legal rights and go along with a motivational disposition to defend them [1]. They are often derived from the bargainers' outside options, the status quo, historical claims, or custom.…”

Section: Introductionmentioning

confidence: 99%

“…These models have been applied in several research areas such as resource allocation problems or seller-buyer relationships. 1 Using the strategic approach to bargaining, Selten ([6], p. 138) fixes a set of exogenous simple procedural rules how to regulate the negotiation process-in particular, which player starts the negotiation, who is the next negotiator to make a proposal, and when the negotiation ends. Thus, the solution to the bargaining problem is a function not only of the possible agreements but also of the procedural rules.…”

Section: Introductionmentioning

confidence: 99%

“…These focal points can emerge from the application of equity norms, which capture the idea of distributing the negotiated amount in such a way that each party is treated equally according to a certain standard [27,28]. The distribution norms 1 Early theoretical and empirical approaches are, e.g., Ståhl [7], Krelle [8], Rubinstein [9], Roth [10], Fudenberg et al [11], Binmore et al [12], and Asheim [13]. See also recent studies by Tsiropoulou et al [14,15].…”

Section: Introductionmentioning

confidence: 99%

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Moral Entitlements and Aspiration Formation in Asymmetric Bargaining: Experimental Evidence from Germany and China

Hennig‐Schmidt

Walkowitz

2017

Games

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Using a unique experimental data set, we investigate how asymmetric legal rights shape bargainers' aspiration levels through moral entitlements derived from equity norms and number prominence. Aspiration formation is typically hard to observe in real life. Our study involves 15 negotiations from Germany and China. Over the course of the negotiation, bargainers discuss the distribution of an amount of money by alternating offers until they consent or break off. Legal rights are randomly assigned by asymmetric outside options. We videotape and code the in-group discussions. In total, verbal data from 30 groups, 1100 pages of transcripts, and 65 h of discussions are content-analyzed. Our main finding is that strong groups derive and defend moral entitlements from equity concerns with regard to their outside options. They strive for equitable but unequal distributions (e.g., proportional split and split the difference). Moral entitlements materialize in the recorded aspiration levels and final payoffs, which exceed the equal split. By contrast, weak groups aim at equality. Over the course of the negotiation, equity tends to lose, while the prominence of round numbers gains importance. Similarities between the subject pools are found in that equity and prominence are both decisive for the formation of aspiration levels. Chinese negotiations are characterized by long periods of stagnation, only minimal concessions, and the communication of false goals. By contrast, Germans steadily reduce their goals and make concessions.

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“…Most importantly, culturally based social norms imply entitlements and obligations that are often encoded as standards of fairness or appropriate behavior and are enforced through reputation effects (cf. Schlicht, 1998, chapters 1 and 2).…”

Section: Introductionmentioning

confidence: 99%

Commercial Culture, Political Culture and the Political Economy of Trade Policy: The Case of Japan

Katayama

Ursprung

2004

International Economic Policies in a Globalized World

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. In this paper we present a model of endogenous trade-policy formation which captures crucial aspects of the Japanese commercial and political culture. We analyze the influence of the portrayed cultural traits and show that cultural idiosyncrasies are important determinants of trade policy formation; especially the complex interaction of the two types of cultures is shown to have significant consequence for the policy outcome. Contrasting our model's behavior with the stylized facts of Japanese politics, we arrive at the conclusion that the model's behavior is compatible with the observed (trade) policy positions held by Japanese politicians over the last fifty years. Terms of use: Documents in

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On Custom in the Economy

Cited by 151 publications

References 97 publications

A neurolinguistic approach to performativity in economics

A neurolinguistic approach to performativity in economics

Moral Entitlements and Aspiration Formation in Asymmetric Bargaining: Experimental Evidence from Germany and China

Commercial Culture, Political Culture and the Political Economy of Trade Policy: The Case of Japan

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