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Individual Strategy and Social Structure : An Evolutionary Theory of Institutions - H. Peyton Young

Individual Strategy and Social Structure

An Evolutionary Theory of Institutions

Paperback Published: 23rd January 2001
ISBN: 9780691086873
Number Of Pages: 208

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Neoclassical economics as-sumes that people are highly rational and can reason their way through even the most complex economic problems. In "Individual Strategy and Social Structure," Peyton Young argues for a more realistic view in which people have a limited understanding of their environment, are sometimes short-sighted, and occasionally act in perverse ways. He shows how the cumulative experiences of many such individuals coalesce over time into customs, norms, and institutions that govern economic and social life. He develops a theory that predicts how such institutions evolve and characterizes their welfare properties.

The ideas are illustrated through a variety of examples, including patterns of residential segregation, rules of the road, claims on property, forms of economic contracts, and norms of equity. The book relies on new results in evolutionary game theory and stochastic dynamical systems theory, many of them originated by the author. It can serve as an introductory text, or be read on its own as a contribution to the study of economic and social institutions.

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"[Individual Strategy and Social Structure] should be a valuable resource for all interested in this extremely valuable and flexible technique. Self-contained and pleasant to read."--Journal of Economics

Overviewp. 3
Learningp. 25
Dynamic and Stochastic Stabilityp. 44
Adaptive Learning in Small Gamesp. 66
Variations on the Learning Processp. 77
Local Interactionp. 91
Equilibrium and Disequilibrium Selection in General Gamesp. 103
Bargainingp. 113
Contractsp. 131
Conclusionp. 144
Proofs of Selected Theoremsp. 151
Notesp. 173
Bibliographyp. 177
Indexp. 185
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780691086873
ISBN-10: 0691086877
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 208
Published: 23rd January 2001
Country of Publication: US
Dimensions (cm): 23.39 x 15.55  x 1.3
Weight (kg): 0.3