Complexity and Institutions: Markets, Norms and Corporations

Overview

This volume explores how complex economic transactions can be treated in economics, as well as how societies bring order to complex economic and social transactions through various institutional devices. Bringing together eminent scholars from the fields of game theory, complexity, econometrics and law, it explores theoretically and empirically how markets, social norms, and corporate organization and governance evolve, and how these institutions affect economic behavior. The contributors include, besides the ...

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Overview

This volume explores how complex economic transactions can be treated in economics, as well as how societies bring order to complex economic and social transactions through various institutional devices. Bringing together eminent scholars from the fields of game theory, complexity, econometrics and law, it explores theoretically and empirically how markets, social norms, and corporate organization and governance evolve, and how these institutions affect economic behavior. The contributors include, besides the editors, S. Cincotti, M. Gallegatti, M. Kandori, K. Pistor, B. Skyrms, R. Sugden, and others.

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Product Details

Meet the Author

MASAHIKO AOKI is a professor of Economics, Stanford University.
KENNETH BINMORE is Emeritus Professor, University of London, UK.
SIMON DEAKIN is a professor of Law, Cambridge University, UK.
HERBERT GINTIS is Emeritus Professor of Economics, University of Massachusetts.

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Table of Contents

PART I: THEORY AND EMPIRICAL REALITY
Theory and Reality in Economics: Insights from Three Allegories; M.Kandori
PART II: COMPLEX ECONOMIC DYNAMICS: AGENT-BASED AND ANALYTICAL MODELS
The Dynamics of Pure Market Exchange; H.Gintis
Towards an Analytical Solution for Agent Based Models; an Application to a Credit Network Economy; C.Guilmi, M.Gallegati, S.Landini & J.Stiglitz
The EURACE Macroeconomic Model and Simulator; S.Cincotti, M.Roberto & A.Teglio
PART III: SOCIAL NORMS
Aspects of Naturalising the Social Contract; B.Skyrms
The Role of Salience in the Emergence and Reproduction of Norms; R.Sugden
Fairness as an Equilibrium Selection Device; K.Binmore
PART IV: CORPORATE GOVERNANCE AND ORGANISATION
Shapley-Value Parables of Corporations as Evolutive Systems of Associational Cognition; M.Aoki
An End to Consensus? The Selective Impact of Corporate Law Reform on Financial Development; S.Deakin, P.Sarkar & A.Singh
On the Plasticity of the Corporate Form; K.Pistor
Government Banks and Growth: Theory and Evidence; S.Andianova, P.Demetriades & A.Shortland

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