Conduct, rules and the origins of institutions

Vernon Smith ()

Journal of Institutional Economics, 2015, vol. 11, issue 3, 481-483

Abstract: This paper supports the effort by Hindriks and Guala (2014) to integrate the prevailing accounts of institutions. I illustrate with traffic narratives how we can think of their concept of rules-in-equilibrium as evolving from universal elementary forms. These conceptions resonate fully with Smith (1759) who saw rule-following conduct as the basis of human sociality and action.

Date: 2015
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